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Air Lease Corporation Reports First Quarter 2024 Net Profit of $97.4 Million or $0.87 per Diluted Share

Air Lease Corporation has reported a first quarter 2024 net Profit of $97.4 million or $0.87 per diluted share on a year-over-year increase in revenue of 4.3 percent to $663.3 million.  The company ended the period with $6.5 billion in total liquidity.


Airbus A220-300 Rendered in ALC Livery - Courtesy Airbus

On Monday (May 7, 2024), Air Lease Corporation (ALC) reported their first quarter financial results for the period ending March 31, 2024.  The aircraft lessor reported a first quarter net profit of $97.4 million or $0.87 per diluted share on a 4.3 percent year-over-year increase in revenue to $663.3 million.  During the first quarter, ALC took delivery of 14 aircraft from their orderbook, ending the period with 472 owned aircraft, and approximately $31 billion in assets.  The company also sold five aircraft, resulting in around $240 million in proceeds.  ALC has placed 100 percent of their committed orderbook on long-term leases for aircraft delivering through year-end 2025, and has placed 63 percent of their entire orderbook delivering through 2029.  At March 31, 2024, the company had total liquidity of $6.5 billion.


In Monday’s announcement, Air Lease Corporation’s President and CEO, John L. Plueger, and the company’s Executive Chairman of the Board, and Steven F. Udvar-Házy, jointly stated,


“With aircraft in short supply and values rising, we benefit from continued fleet expansion and sales activity in an industry backdrop that remains positive.  We see this environment continuing for the near to medium term future.”


As of March 31, 2024, ALC owned 472 aircraft in their portfolio, comprised of 254 narrowbody and 118 widebody aircraft, and managed a total of 73 aircraft.  The company’s average fleet age and waited average remaining lease term was 4.7 years and 7.0 years, respectively.


Air Lease Corporation's First Quarter 2024 Financial Results - Courtesy ALC

Based in Los Angeles, California, Air Lease Corporation (NYSE: AL) is a leading global aircraft leasing company.  The ALC team is principally involved in the purchase of commercial aircraft and leasing them to airlines worldwide with customized leasing and financing solutions.  At March 31, 2024, the company had a globally diversified customer base of 120 airlines across 62 countries.


 

Source: Air Lease Corporation 

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