I will admit that I was surprised to see General Electric ( GE) selling a 23 million block of shares (~30% of its stake) in AerCap in March.
Share buybacks occurring at an accelerated pace I continue to assume a 10% margin on $2.5 billion of annual asset sales, but recent performance suggests that there could be an upside to the contribution of trading to the P&L. They have substantially increased assets held-for-sale to $607 million in this most recent quarter, reflecting the robust pipeline of sales that the company has in the near term. AerCap CEO Aengus Kelly has remarked several times in recent quarters that airline customers have been more inclined to buy aircraft than they were previously, which may also be contributing to this strength. This compares favorably to the high single digits to 10% margin that the company has historically achieved on average and could be driven by the company's accretive acquisition of GECAS. While these amounts can be volatile based on market conditions and other factors, over the past three quarters, AerCap has sold ~$1.3 billion of aircraft at a margin of high teens to 20%. The company has delivered stellar trading results in recent quarters.
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