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Air Lease Corporation Reports Q4 Net Income of $111 Million, Full Year 2020 Net Income of $516 M

Air Lease Corporation has reported a fourth quarter net income of $111 million on an 11 percent revenue decline to $489 million versus Q4 2019. For the full year 2020, the company reported a net income of $516 million on flat year-over-year revenue of $2.0 billion.

ALC Reports Fourth Quarter and Full Year 2020 Financial Results - Courtesy Air Lease Corporation

On Monday (February 22, 2021), Air Lease Corporation (ALC) reported their fourth quarter and full year 2020 financial results. The company reported a fourth quarter net income of $111 million or $0.94 per diluted share on an 11 percent revenue decline to $489 million, versus the fourth quarter of 2019. For the full year, ALC reported a net income of $516 million or $4.39 per diluted share on a nominal revenue decline of 0.1 percent to $2.0 billion. In the fourth quarter, the company took delivery of 10 aircraft from their orderbook and purchased 14 aircraft from the secondary market, representing $1.1 billion in aircraft investments. At December 31, 2020, ALC owned 332 aircraft in their operating lease portfolio, with a net book value of $20.4 billion, a weighted average age of 4.1 years, and a weighted average lease term remaining of 6.9 years. At years end, the company has $26.8 billion in future minimum committed rental payments with $13.6 billion contracted on their existing fleet and $13.2 billion related to aircraft on order.

In Monday’s announcement, ALC’s President and Chief Executive Officer, John L. Plueger, said,

“2020 concludes the toughest year in the history of the global airline industry. While ALC has been impacted, our fourth quarter and full year 2020 financial results speak to both the durability of our business model and the strength of our team. We expect the difficult environment to continue for most of 2021, but have confidence in airline industry improvement in parallel with global pandemic recovery. We are seeing increased aircraft sales and trading interest, good momentum expanding our management business, and continued placements from our orderbook.”

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

“The resilience of the airline industry never ceases to impress me. A number of our lessees have raised substantial capital or received government aid – but now more than ever, we believe many of them appreciate ALC’s financial strength and experience to help them utilize capital more efficiently with our young and fuel-efficient aircraft for their recovery and long-term sustainability. Global air travel has proven to be very robust over history, and we are confident in its future.”

Select ALC Fourth Quarter and Full Year 2020 Financial Results/Fleet Data - Courtesy Air Lease Corporation

ALC has declared a quarterly cash dividend of $0.16 per share for their outstanding common shared for the fourth quarter of 2020. The dividend will be paid on April 7, 2021 to shareholders of record as of March 19, 2021.

As of February 22, 2021, most of the company’s lessees have requested some form of accommodation related to market conditions and ALC has evaluated each request on a case-by-case basis, granting accommodations of around 61 percent of customers. The accommodations were typically short-term 2020 partial lease payment deferrals and to date, the company agreed to defer $240.4 million in lease payments, of which $96.1 million or 40 percent of the total have already been repaid. The company’s Q4 and full-year collection rate was 88 percent and aircraft lease utilization rates for the third and fourth quarters of 2020 were 99.6 percent and 99.8 percent, respectively. The company maintains a significant liquidity position of $7.7 billion and has raised $3.8 billion in aggregate principal Medium Term Notes with a weighted average interest rate of 2.6 percent.

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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