Air Lease income declines as supply chain issues persist, declares $0.21 dividend

Air Lease Corporation’s first quarter adjusted net income before income taxes fell 12.3% year-on-year (YoY) to $146.3 million as its operating expenses jumped 10.5% to $528 million and revenues were up only 4.3% to $663.3 million. Its diluted earnings per share were 87 cents, down from $1.06 last year. The rise in expenses was primarily driven by its interest expense rising by approximately $30 million year-over-year, the company said in a press release. The decline comes amid the continued supply chain issues impacting the delivery of new commercial aircraft. “Supply chain constraints on new commercial aircraft are clearly not going away