ALC increases profits in Q3

Victoria
By Victoria November 11, 2011 14:56

ALC increases profits in Q3

Air Lease Corporation (ALC) has recorded its third quarterly positive pre-tax income of $28.3 million and net income of $18.3 million and recorded cash flow from operations of $83.1 million.

ALC’s pretax profit margin increased to 31% for Q3 2011 compared to 15% for Q2 2011. Revenues increased 24% to $92.1 million and pretax income increased 160% to $28.3 million compared to Q2 2011. Net income increased 160% to $18.3 million, compared to Q2 2011. Adjusted net income increased 29% to $25.1 million and adjusted EBITDA increased 27% to $80.0 million, compared to Q2 2011.

Quarterly cash provided by operating activities increased 71% to $83.1 million, compared to Q2 2011. From 65 aircraft at the end of Q2 2011, ALC purchased 14 aircraft, growing its fleet by 22% to 79 aircraft at the end of Q3 2011. The lessor entered into lease transactions covering 17 aircraft with 11 customers and reached its goal in contracting for 100 aircraft for delivery by the end of 2011.

“Passenger airline growth in many regions of the world continues at a strong rate, and this, coupled with the requirement on the part of all carriers to constantly push towards newer, and more efficient fleets,” said Steven F. Udvar-Hazy, Chairman and CEO of Air Lease Corporation.

“We are pleased with ALC’s Q3 results, which we believe demonstrate that ALC has moved beyond its startup phase with three successive quarters of increasing profitability,” said John L. Plueger, President and Chief Operating Officer of Air Lease Corporation. “Our growth trajectory is on track as we closed Q3 with a fleet of 79 aircraft, en route to our 2011 goal of 100 aircraft.”

Victoria
By Victoria November 11, 2011 14:56
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