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Air Lease Corporation Reports Second Quarter Net Profit of $105.9 Million or $0.95 per Share

Air Lease Corporation has reported a second quarter 2022 net profit of $105.9 million or $0.95 per diluted share on a year-over-year revenue increase of 65.8 percent to $557.7 million.

Rendering of Boeing 737-8 MAX in ALC Livery - Courtesy Boeing

On Thursday (August 4, 2022), Air Lease Corporation (ALC) reported their second quarter financial results for the period ending June 30, 2022. The company reported a second quarter net profit of $105.9 million or $0.95 per diluted share, and an adjusted net income before taxes of $154.4 million or $1.39 per diluted share. ALC’s second quarter revenue increased year-over-year by 65.8 percent to $557.7 million. During the quarter, ALC took delivery of 21 new aircraft and one new incremental aircraft, representing an investment of approximately $1.4 billion. At June 30, 2022, the aircraft lessor had a fleet of 392 owned aircraft with a net book value of $23.5 billion, a weighted average age of 4.4 years and a weighted average lease term of 7.1 years.

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

“We had a good second quarter with higher than expected aircraft deliveries and strong aircraft placements. Aircraft shortages and concerns about future new aircraft delivery delays are causing many airlines to secure lease extensions on existing aircraft, as pandemic recovery is well underway with airlines struggling to meet significant passenger demand.”

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

“Passenger traffic growth remains on a very strong recovery trajectory, with international volume gaining meaningful momentum so far in 2022 – accordingly, lease placements from our orderbook are stretching further out into the future. Lease rates are strengthening, reflective of diminishing aircraft supply, increasing interest rates, and higher aircraft values.”

ALC's Second Quarter 2022 Operating Results and Lease Placements by Aircraft Type - Courtesy ALC

ALC has placed 99 percent of their contracted orderbook positions on long-term leases for delivery through 2023, and 58 percent of their entire orderbook. The company ended the quarter with $31.3 billion in committed future rental payments consisting of $15.0 billion in contracted minimum rental payments on existing aircraft, and $16.3 billion related to minimum future rental payments on ordered aircraft.

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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