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Dec 31, 2023
ALC Q4 2023 Earnings Report
ALC reported strong Q4 and full-year performance, achieving record revenues and profits for the 4th quarter, with net income increasing 56% and revenues increasing 19% over the prior year’s quarter.
Key Takeaways
Air Lease Corporation announced strong Q4 2023 results, with a 19% increase in revenues and a 56% increase in net income compared to the prior year's quarter. The company took delivery of 22 aircraft, sold eight aircraft, and ended the year with $31.0 billion in committed minimum future rental payments.
ALC took delivery of 22 aircraft from their order book, representing approximately $1.2 billion in aircraft investments.
The company recognized a net benefit of approximately $67 million from the settlement of insurance claims related to aircraft previously leased to S7, a Russian airline.
ALC sold eight aircraft during the fourth quarter for approximately $440 million in sales proceeds.
The company has placed 100% of their committed orderbook on long-term leases for aircraft delivering through the end of 2025 and have placed approximately 65% of their entire orderbook delivering through 2028.
Revenue by Geographic Location
Forward Guidance
The commercial aircraft supply/demand backdrop remains highly favorable for ALC's current fleet and their $22 billion forward orderbook scheduled to deliver over the next 4-5 years.
Positive Outlook
- Strong demand for current fleet
- Favorable supply/demand dynamics
- $22 billion forward orderbook
- Orderbook delivers over the next 4-5 years
- High lease placement rate
Challenges Ahead
- Potential for aircraft delivery delays
- Changes in global economic conditions
- Increased competition from other lessors
- Impaired financial condition of lessees
- Obsolescence of 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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