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Air Lease Corporation Reports Fourth Quarter Net Profit of $134.9 Million or $1.21 per Diluted Share

Air Lease Corporation has reported a fourth quarter net profit of $134.9 million or $1.21 per diluted share on a year-over-over increase in revenue of 4.4 percent to $601.6 million. For the full year, ALC reported a net loss of $138.7 million or ($1.24) per diluted share.

AIr Lease Corporation Reports Fourth Quarter and Full Year 2022 Financial Results - Image Courtesy of Boeing

On Thursday (February 16, 2023), Air Lease Corporation (ALC) announced their fourth quarter and full year financial results for the period ending December 31, 2022. The company reported a fourth quarter net profit of $134.9 million or $1.21 per diluted share on a year-over-year increase in revenue of 4.4 percent to $601.6 million. For the full year, ALC reported a net loss of $138.7 million or ($1.24) per diluted share on an 11 percent year-over-year increase in revenue to $2.32 billion. The full-year net result includes a $771.5 million write-off related to ALC’s unrecoverable Russian aircraft fleet, resulting in an adjusted net income before taxes of $659.9 million or $5.89 per diluted share.

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

“Aircraft demand is bolstering lease rates, accelerating our orderbook placements, and intensifying lease extension requests. Airline industry recovery with constrained balance sheets, drive for environmental sustainability, and lack of available delivery slots from the OEMs continues to favor ALC’s business model of providing new aircraft from our orderbook.”

Also commenting on the company’s financial results, ALC’s Executive Chairman, Steven F. Udvar-Házy, added,

“High quality commercial aircraft are increasingly in limited supply given strong airline need for capacity – exacerbated by ongoing delivery delays at both Boeing and Airbus, which we do not see abating. We expect to see continued growth and strength in global air traffic and airline yields in 2023, offering a counterbalance to global macroeconomic cross-currents.”

At December 31, 2022, ALC had a fleet of 417 owned aircraft, with a net book value of $24.5 billion, a weighted average of 4.5 years, and a weighted average remaining lease term of 7.1 years. During Q4, the company took delivery of 16 aircraft, representing a $1.0 billion investment, ending the period with over $28 billion in total assets. ALC also sold five aircraft during the quarter, receiving around $211 in proceeds. In October 2022, the company was able to recover one Boeing 787-8 MAX aircraft previously detained in Russia, resulting in an offset of around $31 million in the write-off line item in their income statement.

Air Lease Corporation's Fourth Quarter and Fyll Year 2022 Financial Results - Courtesy ALC

Air Lease Corporation has placed 90 percent of their contracted orderbook positions on long-term leases for deliveries through 2024, and has place 60 percent of their entire orderbook. The company ended the year with 31.4 billion in committed minimum future rental payments, including $15.6 billion in contracted minimum rental payments on existing fleet aircraft, and $15.8 billion in minimum future rental payments for aircraft on order. On February 14, 2023, ALC’s Board declared a quarterly cash dividend of $0.20/share, payable on April 12, 2023, for shareholders of record as of March 16, 2023.

Air Lease Corporation's Year-End Fleet Data - 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.

Source: Air Lease Corporation


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