Air Lease announced revenues for Q1/18 were $381.2 million, up 5.8% from $360.2 million a year earlier. Net income of $110.7 million was up 30.3% from $84.9 million in Q1/17.

Air Lease took delivery of four aircraft and five incremental aircraft from the secondary market, representing $441 million in capital expenditures.

The quarter ended with $13.6 billion in aircraft with a weighted average age of 3.9 years and a weighted average lease term remaining of 6.7 years.

The company said aircraft on order are 100% placed through 2019 and 81% placed through 2020 on long term leases.

Air Lease signed a firm order with Boeing for an additional eight Boeing 737-8 MAX aircraft with deliveries beginning in 2020.

“We had another strong quarter of growth in revenues and earnings per share. We were also able to add nine aircraft to our industry leading fleet and eight planes for future delivery. Global passenger growth remains strong, as do our financial metrics and forward lease placements,” said John L. Plueger, CEO and president of Air Lease.

“The airline industry continues to perform well, with IATA forecasting another year of global industry profits in excess of $30 billion. Supply chain delays and engine technical issues continue to have a short term impact on new aircraft deliveries. As such, we continue to source aircraft opportunistically,” said Steven F. Udvar-Házy, executive chairman of the board for Air Lease.