Air Lease Corporation Announces First Quarter 2021 Results

Rhea-AI Summary

Air Lease Corporation (AL) reported its financial results for Q1 2021, achieving $474.8 million in revenues, a decrease from $511.4 million in Q1 2020. Operating cash flow showed modest growth, reflecting improved performance post-pandemic. The company's CEO, John Plueger, highlighted ongoing support for airline clients and an expected recovery in air travel, particularly in the US and China. ALC remains focused on environmentally friendly aircraft leases, which are crucial for airlines’ fleet restructuring amidst recovery efforts.

Positive

• Operating cash flow increased modestly compared to Q1 2020.
• Exceeding aircraft investment expectations for Q1.

Negative

• Revenues declined by $36.6 million, or , year-over-year.

Air Lease Corporation (ALC) (NYSE: AL) announces financial results for the three months ended March 31, 2021.

“We continued helping our customers through a difficult winter season in Q4 and Q1 and we are hopeful that the worst of the global pandemic is behind us. The world’s airlines need much more time for financial recovery, yet fleet renewal remains a top priority and we are heavily involved in this process. For Q1, we exceeded our aircraft investment expectations, and our operating cash flow increased modestly relative to last year’s pre-pandemic first quarter. We see accelerating domestic traffic recovery in multiple geographic regions, with expectations of improvement over the remainder of 2021 in regions still heavily impacted,” said John L. Plueger, Chief Executive Officer and President.

“Lease placements from our forward orderbook are tracking well, as airlines recognize that re-fleeting with the most environmentally friendly and fuel efficient aircraft is key to their long term prosperity and future. Lease financing is increasingly critical to airline fleet restructuring, and ALC's focus on new aircraft places us at the leading-edge of industry demand. We believe the recovery in the US and China are harbingers of what will occur globally as travel restrictions are relaxed and vaccines are more widely distributed,” said Steven F. Udvar-Házy, Executive Chairman of the Board.

First Quarter 2021 Results

The following table summarizes our operating results for the three months ended March 31, 2021 and 2020 (in millions, except per share amounts and percentages):

Financial Highlights

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		Three Months Ended March 31,
		2021			2020			$ change			% change
Revenues		$	474.8		$	511.4

FAQ

What are the financial results of Air Lease Corporation (AL) for Q1 2021?

In Q1 2021, Air Lease Corporation (AL) reported revenues of $474.8 million, down from $511.4 million in Q1 2020.

How did operating cash flow for Air Lease Corporation (AL) change in Q1 2021?

Operating cash flow for Q1 2021 increased modestly compared to the previous year, signaling improved performance as the market recovers.

What is the outlook for Air Lease Corporation (AL) based on the Q1 2021 results?

The outlook is cautiously optimistic, with expectations of recovery in air travel, particularly in regions like the US and China.

How much did Air Lease Corporation (AL) invest in aircraft in Q1 2021?

Air Lease Corporation (AL) exceeded its aircraft investment expectations for Q1 2021, reflecting strong demand for fleet renewal.