Air Lease Reports Double-Digit Q3 Revenue, Earnings Growth



Air Lease reported Q3/13 revenue and earnings of $215.9 million and $48.6 million, respectively, were up 23.4% and 31.3% compared to $174.9 million and $37.0 million for Q3/12.

Highlights from the news release included:

. ALC amended its unsecured syndicated revolving credit facility, increasing the capacity by $300.0 million to $2.0 billion.

. Delivered eight aircraft from its order book, growing the fleet to 182 aircraft spread across a broad customer base of 79 airlines in
45 countries

“Our pretax profit margin of 35% was the highest ALC has achieved to date. We achieved our stated goal of an investment grade rating from
Standard and Poor’s during the quarter and we will continue to push for additional ratings and upgrades in the coming years. The demand for our future aircraft deliveries remains strong and is driven by the continued global passenger growth and the increasing needs of airlines to modernize aging aircraft fleets,” said Steven F. Udvar-Házy, chairman and chief executive officer of Air Lease Corporation.

“Our fleet of 182 aircraft continues to perform at 100% utilization with a stable overall portfolio lease rate factor. We are concluding placements in 2015 and now marketing 2016 positions and beyond with good demand. Inbound inquiries from the banking community caused us to re-open our bank revolver and upsize the facility from $1.7 billion to $2.0 billion adding three new banks along with a number of existing banks increasing their participation size. The strong support from the banking community reinforces our ample liquidity and along with our investment grade rating drove our composite cost of funds down to 3.46%,” said John L. Plueger, president and chief operating officer of Air Lease Corporation.


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