Air Lease Corporation has announced a third quarter 2024 net profit of $104 million or $0.82 per diluted share on a year-over-year increase in revenue of 4.7 percent to $690.2 million.
On Thursday (November 7, 2024), Air Lease Corporation (ALC) reported their third quarter 2024 financial results for the period ending September 30, 2024. The aircraft lessor reported a third quarter net profit of $104 million or $0.82 per diluted share on a year-over-year increase in revenue of 4.7 percent to $690.2 million. ALC’s rental revenues for the period increased 3.5 percent compared to Q3 2023 to $625 million, which was partially offset by a decline in end of lease revenue of approximately $12 million.
In Friday’s announcement, a joint statement by ALC’s President and CEO, John L. Plueger and the company’s Executive Chairman of the Board, Steven F. Udvar-Házy, read,
“Demand for commercial aircraft remains high, and we are continuing to place aircraft at rising lease rates, while also harvesting solid gains on sales from our existing fleet – underscoring the deep value embedded in our young $28 billion fleet and $18 billion forward orderbook.”
Air Lease Corporation’s Q3 aircraft sales, trading and other revenues increased year-over-year by 17 percent to $65 million, primarily attributable by an increase in gains from aircraft sales. The company recorded $42 million in gains from the sale of nine aircraft during the period, compared to $39 million from the sale of eight aircraft for Q3 2023.
At September 30, 2024, ALC’s net book fleet value increased to $27.9 billion, up from $26.2 billion at December 31, 2023. At the end of the third quarter, ALC owned 485 aircraft, including 356 narrowbody and 129 widebody aircraft, and the company had 64 aircraft under management. The lessor’s weighted average fleet age at the close of the third quarter was 4.6 years and 7.1 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 117 airlines across 59 countries.
Source: Air Lease Corporation
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