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Air Lease Corporation (NYSE: AL), established in 2010 and headquartered in Los Angeles, California, is a prominent player in the global aircraft leasing industry. The company focuses on acquiring commercial aircraft from top manufacturers like The Boeing Company and Airbus S.A.S, and subsequently leasing them to a large portfolio of airline partners worldwide. This strategy allows airlines to access the latest aircraft models without incurring the high upfront costs of purchasing them.
ALC’s diversified fleet includes both single-aisle narrow-bodied jets and twin-aisle wide-bodied aircraft, catering to various airline operational needs. The company’s business model centers around long-term lease agreements and generating revenue from the leasing of flight equipment. With operations spanning the Asia Pacific, Europe, the Middle East and Africa, Central America, South America and Mexico, and North America, ALC enjoys a robust global presence.
Recent corporate milestones underscore ALC's dynamic growth and market leadership. In February 2024, the company secured C$400 million through its medium-term notes offering, maturing in 2028, aimed at general corporate purposes including aircraft purchases and debt repayment. Additionally, ALC announced long-term lease agreements with Thai Airways International for three Boeing 787-9 Dreamliners and with Transavia for two Airbus A321-200neo aircraft, enhancing its portfolio and strengthening partnerships with major airlines.
The company’s financial performance remains strong, evidenced by Q1 2024 revenue of $663 million and a fleet expansion to 472 owned aircraft. ALC’s strategic initiatives include a well-placed order book of 320 new aircraft set for delivery through 2028, ensuring sustained growth. The firm maintains a disciplined financial approach with a composite cost of funds at 4.03% and a strategy to keep leverage around 2.5x Debt-to-Equity.
ALC's commitment to excellence is reflected in its strong customer relationships, a young and in-demand fleet, and proactive management of its aircraft investments. The company continues to adapt and thrive amidst industry challenges, demonstrating resilience and foresight in its operations.
Air Lease (NYSE: AL) announced its financial results for Q3 2024, highlighting a 4.7% increase in revenue to $690.2 million compared to Q3 2023. However, net income dropped by 24.9% to $91.6 million, due to higher operating expenses and interest costs. The company took delivery of 20 aircraft, sold nine, and ended the quarter with a fleet of 485 owned aircraft, valued at $27.9 billion. Air Lease also placed 100% of its committed orderbook on long-term leases through 2025. The company issued $300 million in preferred stock and increased its quarterly cash dividend by 5% to $0.22 per share. Despite revenue growth, net income and EPS saw declines, primarily due to higher expenses.
Air Lease (NYSE: AL) has released its activity update for the third quarter of 2024. The company's fleet now consists of 485 owned aircraft and 64 managed aircraft, with 287 new aircraft on order from Airbus and Boeing scheduled for delivery through 2029. During the quarter, ALC delivered 20 new aircraft from its orderbook, including various models from Airbus and Boeing. The company's aircraft investments totaled approximately $1.9 billion.
ALC also sold nine aircraft to third-party buyers, generating sales proceeds of approximately $340 million. On the financing front, the company issued $300 million of 6.00% fixed-rate reset non-cumulative perpetual preferred stock, Series D.
Air Lease (NYSE: AL) has announced its upcoming third quarter 2024 earnings conference call, scheduled for November 7, 2024, at 4:30 PM Eastern Time. Investors can participate by dialing 1 (888) 660-6652 (domestic) or 1 (646) 960-0554 (international) with passcode 5952437. The call will also be broadcast live on the company's website.
A replay of the call will be available from November 7, 2024, until 11:59 PM ET on November 14, 2024. To access the replay, dial 1 (800) 770-2030 (domestic) or 1 (647) 362-9199 (international) with passcode 5952437.
Air Lease , based in Los Angeles, is a leading global aircraft leasing company serving airline customers worldwide through customized aircraft leasing and financing solutions.
Air Lease (NYSE: AL) has delivered the first of six new Airbus A220-300 aircraft to TAAG Angola Airlines, Angola's national carrier. This marks the introduction of the A220 to TAAG's fleet and is part of the airline's long-term fleet modernization program. Steven F. Udvar-Házy, Executive Chairman of Air Lease , expressed pleasure in being the first lessor to introduce the A220 to TAAG.
TAAG's CEO, Nelson de Oliveira, stated that adding the A220-300 demonstrates the airline's ambition for modernization and growth. The aircraft will be operated by an Angolan crew, with multiple teams benefiting from comprehensive training programs. This addition aligns with TAAG's expansion plan, which includes new routes and increased frequencies to address market demand.
Air Lease (NYSE: AL) has announced the pricing of its public offering of 300,000 shares of 6.00% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series D, with a liquidation preference of $1,000.00 per share. The sale is expected to close on September 24, 2024. Dividends will accrue at 6.00% from September 24, 2024 to December 15, 2029, and thereafter at the Five-year U.S. Treasury Rate plus 2.56%, with a minimum rate of 6.00%. The company plans to use the proceeds to redeem its outstanding 6.15% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A, and for general corporate purposes, including aircraft purchases and debt repayment.
Air Lease (NYSE: AL) has announced that Executive Chairman Steven F. Udvar-Házy will be presenting at the Deutsche Bank 14th Annual Aircraft Finance & Leasing Conference in New York City on Wednesday, September 4th at 1:30pm Eastern Time. The presentation will be broadcast live through a link on the Investors page of the Air Lease website and can also be accessed directly via a provided webcast link.
Interested parties are advised to visit the website beforehand to register and install any necessary audio software. Any materials used for the presentation will be posted in advance on the ALC website's Investors section. Air Lease , based in Los Angeles, is a leading global aircraft leasing company that provides customized aircraft leasing and financing solutions to airline customers worldwide.
Air Lease (NYSE: AL) has delivered the first of ten new Boeing 787-10 aircraft to Korean Air. This delivery marks the beginning of a significant fleet expansion for the Korean flag carrier, strengthening its relationship with ALC. The 787-10 will serve as part of Korean Air's flagship fleet, operating on key global routes. John L. Plueger, CEO of ALC, expressed excitement about supporting Korean Air's growth, while Walter Cho, Chairman and CEO of Korean Air, emphasized the importance of this addition in strengthening their future relationship with ALC.
Currently, ALC has five Boeing aircraft on long-term lease to Korean Air, including two 777-300ERs and three 737-800s. This new delivery further solidifies the partnership between the two companies and enhances Korean Air's fleet with competitive and sustainable aircraft.
Air Lease (NYSE: AL) reported Q2 2024 financial results, showing a slight decrease in revenues to $667.3 million, down 0.8% year-over-year. Net income attributable to common stockholders fell 25.9% to $90.4 million, with diluted EPS of $0.81, down from $1.10 in Q2 2023. The company cited ongoing delays from aircraft and engine manufacturers affecting results. ALC took delivery of 13 aircraft, representing $940 million in investments, and sold 11 aircraft for $530 million. The owned fleet grew to 474 aircraft with a net book value of $26.8 billion. Despite challenges, ALC maintains a strong orderbook with 100% of deliveries through 2025 placed on long-term leases.
Air Lease (NYSE: AL) has delivered the first of six new Airbus A220-300 aircraft to Croatia Airlines, marking the beginning of the airline's fleet modernization program. This delivery represents a significant milestone for both companies, as it introduces the A220 to Croatia Airlines' fleet for the first time. The new aircraft is expected to enhance passenger comfort and experience while providing financial and environmental benefits through lower fuel consumption, reduced noise, and lower emissions.
Steven F. Udvar-Házy, Executive Chairman of Air Lease , expressed honor in being selected as the first lessor to introduce the A220 to Croatia Airlines. Jasmin Bajić, President and CEO of Croatia Airlines, hailed the delivery as the start of a new era in Croatian aviation history.
Air Lease (NYSE: AL) has announced the long-term lease placement and delivery of one used Airbus A321-200neo aircraft to Centrum Air (Uzbekistan). This marks Centrum Air's first A321neo, enhancing its fleet capabilities. AJ Abedin, Senior VP of Air Lease , highlighted the benefits for Centrum Air and its passengers, including new destinations, operational efficiencies, and a premium travel experience. Centrum Air's CEO, Abdulaziz Abdurakhmanov, expressed enthusiasm about the addition, stating it will strengthen their market position and improve passenger comfort and safety. The lease placement aligns with Centrum Air's growth strategy in the rapidly expanding Uzbek air transport market.
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