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Air Lease Corporation Reports First Quarter Net Loss of $479 Million on Russian Fleet Write-Off

Air Lease Corporation has reported a first quarter 2022 net loss of $479.4 million or ($4.21) per diluted share, attributable to a write-off of $802.4 million for the lessor’s unrecoverable Russian fleet and associated contract revenue.

Boeing 737-8 MAX Rendered in ALC Livery - Courtesy Boeing

On Thursday (May 5, 2022), Air Lease Corporation (ALC) reported their first quarter 2022 financial results for the period ending March 31, 2022. The company reported a first quarter net loss of $479.4 million or ($4.21) per diluted share on a year-over-year increase in revenue of 25.7 percent to $596.7 million. ALC’s first quarter loss is attributable to the complete write-off of the lessor’s exposure in Russia totaling $802.4 million for unrecoverable aircraft and lease revenue. The company is vigorously pursuing insurance claims to recover losses relating to owned and managed aircraft that remain in Russia. Excluding this write-off and other adjustments, ALC reported an adjusted net income before taxes during the first quarter of $200.9 million or $1.76 per diluted share.

In Thursday’s announcment, Air Lease Corporation’s President and Chief Executive Officer, John L. Plueger, said,

“Industry fundamentals continue to strengthen globally – demand is expanding both for new and young used aircraft, supporting continued firming of lease rates and bolstering the value of the existing aircraft in our fleet. We benefited from this improving backdrop during the first quarter. While we wrote-off our Russia exposure, we are vigorously pursuing our insurance coverage and believe we have strong and valid claims.”

Also commenting on the company’s first quarter results, ALC’s Executive Chairman of the Board, Steven F. Udvar-Házy, said,

“With the strengthening market, we are monitoring continued delivery delays from Boeing and Airbus very closely, and will adjust accordingly to take advantage of market opportunities – fostering fleet growth in 2022 and beyond. ALC is well-poised to execute successfully on our strategy as the recovery continues. We are also pleased to report that we have fully completed our $150 million common stock repurchase program.”

ALC's First Quarter 2022 Financial Results and Leases by Aircraft Type - Courtesy Air Lease Corporation

During the first quarter, ALC took delivery of eight new aircraft and one from the secondary market, representing an investment of $490 million. At March 31, 2022 the company had 370 aircraft in their owned fleet with a net book value of $22.3 billion, with a weighted average age of 4.5 years and a weighted average lease term of 7.0 years. The company has also placed 97 percent of their contracted orderbook positions on long-term leases for aircraft deliveries through 2023 and has placed 52 percent of their entire orderbook.

ALC ended the first quarter with $29.5 billion in committed future rental payments including $14.1 billion in contracted minimum rental payments on existing fleet aircraft and $15.4 billion in minimum future rental payments related to aircraft on order. As of April 4, 2022, the company completed their $150 million share repurchase program, acquiring approximately 3.4 million shares of their outstanding Class A common stock. On May 4, 2022, the company’s Board declared a quarterly cash dividend of $0.185 per share payable July 8th for shareholders of record as of June 7, 2022.

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.

In trading Friday morning (May 6, 2022), shares in Air Lease Corporation (NYSE: AL) were 3.58% lower at $39.32/share (10:14 AM EDT).

Source: Air Lease Corporation


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