Air Lease announced Q3/17 and YTD revenues of $376.8 million and $1,118 million, respectively, up from $355.1 million and $1,049 million for the same periods a year earlier.

Pretax income of $154.1 million and $443.9 million in Q3/17 and year-to-date, respectively, were up from $144.6 million and $430.8 million in 2016.

Air Lease CEO and President John L. Plueger said, “Global passenger traffic growth and the need to replace aging aircraft continue to drive healthy demand for new aircraft.”

The following highlights were excerpted from the earnings report:

• Air Lease added three new aircraft with a cost of $245 million, ending the quarter with $12.7 billion in aircraft with a weighted average age of 3.7 years and a weighted average lease term remaining of 6.8 years.
• The company sold seven aircraft, including three aircraft to Thunderbolt Aircraft Lease Limited, one aircraft to Blackbird Capital II and three aircraft to other third parties, for total sales proceeds of $185 million.
• Placed 91% of its order book on long-term leases for aircraft delivering through 2019 and 72% through 2020.
• Air Lease’s fleet grew by 5.2% based on net book value of $12.7 billion as of September 30, 2017 compared to $12.0 billion as of December 31, 2016.
• As of September 30, 2017, the Air Lease fleet was comprised of 236 owned aircraft, with a weighted-average age and remaining lease term of 3.7 years and 6.8 years, respectively, and 51 managed aircraft.
• Air Lease has a diversified customer base of 90 airlines in 55 countries.
• Acquisitions of flight equipment under operating lease for the nine months ended September 30, 2017 was $1.30 billion compared to $1.44 billion a year earlier.