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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 Corporation (NYSE: AL) has successfully delivered a new Boeing 737-8 aircraft on a long-term lease to Blue Air, Romania's largest airline. This aircraft is the first of ten planned deliveries, with subsequent planes set to arrive between April 2021 and 2022. Blue Air aims to enhance its fleet's efficiency and expand its operations with this new addition, marking a significant step in its commitment to reducing carbon emissions. Currently, Blue Air also leases six Boeing 737-800s and one Boeing 737-700 from ALC.
Air Lease Corporation (NYSE: AL) has announced a long-term lease placement for a used Airbus A320-200 with HiSky Moldova, set to deliver in April 2021. This marks ALC's third A320 family aircraft placement with the airline. David Beker, ALC's Senior Vice President, expressed pride in the partnership, emphasizing HiSky's potential for long-term growth. Iulian Scorpan, HiSky's CEO, highlighted their operational progress and expansion plans, including the launch of flights from a new base in Cluj, Romania. Forward-looking statements indicate expectations around delivery dates.
Air Lease Corporation (NYSE: AL) has announced that key executives will participate in a virtual fireside chat at the J.P. Morgan 2021 Industrials Conference. Scheduled for March 16, 2021, at 2:50 p.m. Eastern Time, the event will be accessible via a link on the company's Investors page. Notable speakers include Steven F. Udvar-Házy, John L. Plueger, and Gregory B. Willis. Attendees must register with their name and email to join the audio-only broadcast.
ALC is based in Los Angeles and specializes in aircraft leasing worldwide.
Air Lease Corporation (NYSE: AL) has priced a public offering of 300,000 shares of 4.65% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B, with a liquidation preference of $1,000 per share. The offering's expected closing date is March 2, 2021. Dividends on the shares will accrue non-cumulatively at 4.65% until June 15, 2026, and will thereafter reset based on the Five-year U.S. Treasury Rate plus 4.076%. Proceeds will be used for general corporate purposes, including aircraft purchases and debt repayment.
Air Lease Corporation (AL) reported its financial results for Q4 and the year ending December 31, 2020. Total revenues decreased by 0.1% to $2.0 billion, while net income fell 12.9% to $501 million. Diluted earnings per share dropped 13.8% to $4.39. The company maintained a strong liquidity position of $7.7 billion despite challenges posed by COVID-19, which led to lease deferrals totaling $240.4 million. The CEO expressed confidence in long-term recovery for the airline industry and highlighted a robust portfolio of young, fuel-efficient aircraft, with $26.8 billion in committed future rentals.
Air Lease Corporation (NYSE: AL) has completed long-term lease agreements for two used Airbus A320-200 aircraft with Qanot Sharq Airlines, set for delivery in March. This marks the initial aircraft for the newly established Uzbek airline. ALC's Vice President, AJ Abedin, expressed enthusiasm about the partnership, while Qanot Sharq's owner highlighted the importance of these aircraft for the airline's launch, which aims to ensure high safety and comfort standards for passengers. The statement also includes forward-looking elements about delivery dates.
Air Lease Corporation (NYSE: AL) has delivered two new Boeing 737-8 aircraft to Sunwing Airlines on long-term lease. These deliveries, featuring advanced CFM International LEAP-1B27 engines, represent ALC’s third and fourth Boeing 737-8 deliveries to Sunwing. ALC CEO John L. Plueger emphasized that these aircraft enhance efficiency and support environmental initiatives. Sunwing Airlines, which now has four 737-8s from ALC, looks forward to improving customer experience with these advanced, fuel-efficient planes.
Air Lease Corporation (NYSE: AL) announced the pricing of its public offering of $750 million in 0.70% senior unsecured medium-term notes, due February 15, 2024. The sale is set to close on January 26, 2021, subject to customary conditions. The notes will bear interest at 0.70% per annum, payable semi-annually starting August 15, 2021. Proceeds will be used for general corporate purposes, including aircraft purchases and debt repayment. The offering is under an effective shelf registration statement with the SEC.
Air Lease Corporation (NYSE: AL) provided an update on its operations in Q4 2020. As of December 31, 2020, the company owned 332 aircraft and managed 81, with an order for 361 new planes from Boeing and Airbus. Notable aircraft investments included the delivery of ten new aircraft totaling about $1.1 billion. The company also purchased and leased back additional aircraft. Furthermore, ALC issued $1.5 billion in senior unsecured notes, with two tranches due in 2026 and 2030 at fixed rates of 2.875% and 3.125%, respectively.
Air Lease Corporation (NYSE: AL) will hold a conference call on February 22, 2021, at 4:30 PM ET, to discuss its fourth-quarter and year-end 2020 financial results. Investors can join the call by dialing (855) 308-8321 domestically or (330) 863-3465 internationally, using passcode 7382239. The event will also be streamed live on the Air Lease website. Replay will be available from 7:30 PM ET on February 22 until 7:30 PM ET on March 1, with replay access numbers provided.
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