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ALC Reports Q3 Adjusted Pre-Tax Income of $147 Million on 6.3% Revenue Increase to $525 Million

Air Lease Corporation has reported a third quarter adjusted net pre-tax income of $146.5 million or $0.87 per diluted share on a year-over-year increase in revenue of 6.3 percent to $524.5 million.

Air Lease Corporation Reports Third Quarter 2021 Financial Results - Courtesy ALC

On Thursday (November 4, 2021) Air Lease Corporation (ALC) announced their third quarter 2021 financial results for the period ending September 30, 2021. ALC reported a third quarter adjusted pre-tax income of $146.5 million or $0.87 per diluted share on a 6.3 percent year-over-year increase in revenue to $524.5 million. During the third quarter, the company placed a record 64 aircraft with lessees, the most quarterly placements in company history, and took delivery of 16 aircraft from their orderbook, representing an $808 million investment. At September 30, 2021, ALC owned 370 aircraft in their operating lease portfolio with a net book value of $22.1 billion, an average weighted age of 4.4 years, and an average weighted lease term remaining of 7.0 years.

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

“Benefiting from an improving airline industry, we had a good quarter, including record high rental revenues, total assets, and lease placements, the lowest composite funding rate in our history, and improved payments from our customers. We clearly see growing demand for new aircraft, especially for single aisle aircraft, and we are back to 2019 levels in terms of proposals being requested by airlines. With our conservative and disciplined business model, we have now profitably placed 67% of our orderbook, despite pandemic challenges, and we remain optimistic in the future of our business and global airline travel.”

Also commenting on the company’s third quarter results, Air Lease Corporation’s Executive Chairman of the Board, Steven F. Udvar-Házy, said,

“With a long road remaining ahead for the recovery of airline financial performance, the industry is relying on ALC and the leasing sector now more than ever to achieve fleet modernization objectives, to reach environmental sustainability goals, and to meet capital requirements – we see this trend persisting for the foreseeable future. Global air traffic continues to improve, and we believe international volume is poised for strong recovery as travel restrictions are relaxed. As these positive trends continue, I am pleased to announce that our Board of Directors has authorized an increase in our quarterly common stock dividend to $0.185 per share, representing the 9th increase and 36th consecutive dividend payment in ALC’s history.”

ALC closed the third quarter with 96 percent of their contracted order positions on long-term leases for aircraft delivering through the end of 2023, and 67 percent of their entire orderbook placed. The company ended the quarter with $29.1 billion in committed minimum future rental payments including $14.6 billion in contracted minimum rental payments on existing fleet aircraft and $14.5 billion in future minimum payments related to aircraft on order. ALC also increased their quarterly Class A share cash dividend by approximately 15.6 percent from $0.16 per share to $0.185 per share. The next quarterly dividend of $0.185 per share will be paid on January 5, 2022 to holders of record as of December 17, 2021.

Air Lease Corporation's Third Quarter Financial Highlights and Fleet Lease 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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