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Air Lease Corporation Reports Second Quarter 2023 Net Income of $132.4 Million or $1.10 per Share

Air Lease Corporation has reported a second quarter 2023 net profit of $132.4 million or $1.10 per diluted share on a year-over-year increase in revenue of 20.7 percent to $672.9 million. At June 30, 2023, the company had liquidity totaling $7.6 billion.

ALC Boeing 737-8 MAX Rendering - Courtesy Boeing

On Thursday (August 3, 2023), Air Lease Corporation (ALC) reported their second quarter financial results for the period ending June 30, 2023. The company reported a second quarter net profit of $132.4 million or $1.10 per diluted share on a 20.7 percent year-over-year increase in revenue of 20.7 percent to $672.9 million. During the period, ALC took delivery of 19 aircraft from their orderbook representing an investment of approximately $1.5 billion, and ended the quarter with around $30 billion in assets. The aircraft lessor entered into approximately $900 million in new financings in the second quarter and at June 30, 2023 had $7.6 billion in total liquidity.

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

“Our second quarter results benefited from new aircraft deliveries exceeding our expectations, coupled with gains from higher volumes of aircraft sales. Lease rates continue to strengthen and demand for both aircraft leasing and sales remain robust, which we see continuing for the foreseeable future.”

ALC's Second Quarter 2023 Financial Results and Fleet Data - Courtesy Air Lease Corporation

ALC has placed 100 percent of their contracted orderbook positions for aircraft deliveries through 2024, and has placed 58 percent of their entire orderbook. At June 30, 2023, ALC had $29.6 billion in committed minimum future payments, including $16.2 billion in contracted minimum rental payments on existing fleet aircraft and $13.4 billion in minimum future rental payments for aircraft on order. At June 30, 2023, ALC had 448 owned aircraft in their fleet, including 332 narrowbody and 116 widebody aircraft, and the company also had 80 aircraft under management. At the close of the second quarter, the company’s weighted average fleet age was 4.5 years, with an average remaining lease term of 7.2 years.

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 June 30, 2023, the company had a globally diversified customer base of 118 airlines across 63 countries.

Source: Air Lease Corporation


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