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Jun 30, 2024
ALC Q2 2024 Earnings Report
Announced second quarter 2024 results, impacted by ongoing manufacturing delays but confident in fleet value and orderbook.
Key Takeaways
Air Lease Corporation reported a decrease in net income attributable to common stockholders for the three months ended June 30, 2024, to $90 million, or $0.81 per diluted share, compared to $122 million, or $1.10 per diluted share, for the same period in 2023. The decrease was primarily due to higher interest expense and a decline in revenues.
Took delivery of 13 aircraft from orderbook, representing approximately $940 million in aircraft investments.
Sold 11 aircraft during the second quarter for approximately $530 million in sales proceeds.
Placed 100% and 96% of committed orderbook on long-term leases for aircraft delivering through the end of 2025 and 2026, respectively.
Ended the quarter with $30.0 billion in committed minimum future rental payments.
ALC
ALC
ALC Revenue by Segment
ALC Revenue by Geographic Location
Revenue by Segment
Flight Equipment Rental Revenue
CapyFin.comSales & Other Income Revenue
CapyFin.comRevenue by Geographic Location
Europe Revenue
CapyFin.comAsia Pacific Revenue
CapyFin.comLatAm & Mexico Revenue
CapyFin.comMiddle East & Africa Revenue
CapyFin.comU.S. & Canada Revenue
CapyFin.com Forward Guidance
Air Lease Corporation continues to manage its business amid ongoing aircraft and engine manufacturing delays.
Positive Outlook
- Significant value in orderbook based on long-term aircraft demand.
- Strong passenger traffic trends.
- High percentage of committed orderbook placed on long-term leases.
- Solid committed minimum future rental payments.
- Maintained a strong liquidity position.
Challenges Ahead
- Ongoing delays from aircraft and engine manufacturers.
- Lower aircraft investments than expected due to manufacturing delays.
- Decline in rental revenues due to sales of older aircraft and purchases of new aircraft with lower initial lease yields.
- Increased interest expense driven by higher cost of funds and outstanding debt balance.
- Reduced gains from aircraft sales.
Revenue & Expenses
Visualization of income flow from segment revenue to net income