STAMFORD -- Aircraft leasing company Aircastle Ltd. said Thursday that first-quarter earnings fell 24 percent partly due to lower income from selling flight equipment.
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Aircastle said net income was $32.6 million, or 45 cents per share, compared with $42.7 million, or 54 cents per share, in the same quarter last year.
The company said that excluding stock-based compensation expenses and impact of derivative contracts, it would still have earned 45 cents per share.
Analysts, who usually exclude items, expected adjusted earnings of 30 cents per share, according to a FactSet survey.
Revenue rose to $164.9 million from $157.9 million. Analysts expected $156.9 million.
The company, which leases planes to airlines around the world, said lease and rental revenue rose but maintenance revenue fell. Gains on selling flight equipment, which Aircastle lists under "other income" and not on the revenue line, plunged to $196,000 from $9.7 million a year ago.
In midday trading, the shares rose 11 cents to $12.23.