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Mar 31, 2021
ALC Q1 2021 Earnings Report
Announced financial results for the first quarter of 2021.
Key Takeaways
Air Lease Corporation (ALC) reported a decrease in revenues by 7.1% to $474.8 million compared to the same period last year. Net income available to common stockholders was $80.2 million, and diluted earnings per share was $0.70.
Took delivery of 10 aircraft from orderbook, representing approximately $602 million in aircraft investments.
Placed 95% of contracted orderbook positions on long-term leases for aircraft delivering through the end of 2022 and 80% through the end of 2023.
Ended the quarter with $26.8 billion in committed minimum future rental payments.
To date, 46% of the lease deferrals granted have been repaid, representing $111.6 million.
Revenue by Geographic Location
Forward Guidance
Company expects challenges when transitioning, acquiring or selling aircraft due to travel restrictions and other impacts from COVID-19.
Positive Outlook
- Company has planned capital expenditures for the remainder of 2021 and beyond based on currently expected delivery schedules.
- Capital expenditures will be less than what was planned prior to the pandemic, which will slow revenue growth.
- Capital expenditures will further improve strong liquidity position.
- Company expects aircraft sales activity to increase in 2021 compared to 2020.
- Company has continued to access the unsecured debt capital markets issuing approximately $3.8 billion in aggregate principal Medium-Term Notes with a weighted average interest rate of 2.6%.
Challenges Ahead
- Aircraft delivery schedule could continue to be subject to material changes.
- Aircraft sales activity will not return to pre-pandemic levels during 2021.
- Travel restrictions and other impacts from COVID-19 may cause challenges when transitioning, acquiring or selling aircraft.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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