Air Lease Corporation has reported a second quarter net profit of $90.4 million or $0.81 per diluted share on a year-over-year decline in revenue of 5.6 percent to $667.3 million.
On Thursday (August 1st, 2024), Air Lease Corporation (ALC) reported their second quarter financial results for the period ending June 30, 2024. The aircraft lessor reported a Q2 net profit of $90.4 million or $0.81 per diluted share on a 5.6 percent year-over-year decline in revenue to $667.3 million. During the second quarter, ALC took delivery of 13 aircraft from their orderbook, ending the period with 474 owned aircraft, and approximately $31 billion in total assets. The company also sold 11 aircraft during the quarter for approximately $530 million in sales proceeds.
In Thursday’s announcement, ALC’s President & CEO, John L. Plueger, and the company’s Chairman, Steven F. Udvar-Házy, said in a joint statement,
“We continue to feel the effects of ongoing delays from the aircraft and engine manufacturers. We remain confident and optimistic about the value of our fleet, as seen through our aircraft sales initiatives. There is significant value in our orderbook based on our view of long-term aircraft demand and fundamental passenger traffic trends.”
At the close of the second quarter, ALC had placed 100 percent and 96 percent of their committed orderbook on long-term leases for aircraft delivering through the end of 2025 and 2026, respectively. The lessor has also placed 64 percent of their entire orderbook delivering through 2029. ALC ended the second quarter with $30 billion in committed future rental payments, including $16.5 billion in contracted minimum rental payments on aircraft in their existing fleet, and $13.5 billion in minimum future rental payments on aircraft to be delivered between H2 2024 and 2028.
ALC’s net fleet book value at the close of the second quarter was $26.8 billion, up from $26.2 billion at December 31, 2023. At June 30, 2024, the company’s owned fleet included 474 aircraft, including 354 single-aisle and 120 widebody aircraft. ALC also closed the second quarter with 67 aircraft in their managed fleet. The company’s weighted average remaining lease term was 4.7 years and 6.9 years, respectively.
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. At June 30, 2024, the company had a globally diversified customer base of 120 airlines across 62 countries.
Source: Air Lease Corporation
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