Air Lease announced record quarterly financial results for Q1/16 on record quarterly revenues of $343.3 million, up 23.4% or $65 million compared to $278.3 million for the same period in 2015. Adjusted net income of $151.1 million in Q1/16 was up 34.0% from $112.8 million a year earlier.

Highlights of the Q1/16 results include:

• Acquisition of flight equipment under operating leases of $458.4 million in Q1/16 was down 6.1% from $488.2 million in Q1/15.
• Fight equipment subject to operating leases, net of depreciation, was $11.2 billion at the end of Q1/16, up from $10.8 billion a year earlier.
• Placed 85% of its order book on long-term leases for aircraft delivering through 2018, and maintained 100% utilization of its current fleet with only 10% of leases due to expire over the next three years
• Purchased $731.6 million in aircraft during the quarter, including 10 aircraft from its order book and one incremental aircraft
• Sold $221.5 million in aircraft, comprised of 12 ATR aircraft, during Q1/16. Expected to complete the sale of its existing ATR fleet during the next quarter and to sell at delivery the remaining five ATR aircraft from our order book over the next two quarters
• As of March 31, 2016, the Air Lease fleet was comprised of 239 owned aircraft, with a weighted-average age and remaining lease term of 3.6 years and 7.2 years, respectively, and 29 managed aircraft.
• Reported a globally diversified customer base of 88 airlines in 50 countries

“Passenger traffic grew 7% system-wide through the first quarter of the year and airline health remains on a good footing globally, driven by passenger demand and low fuel prices, and capacity discipline. ALC’s business model continues to produce the highest operating margin of any publicly traded aircraft lessor. We see the manufacturers adjusting production rates in line with forward market projections of aircraft demand, which contributes to a healthy long-term balance in the marketplace,” said Steven F. Udvar-Házy, chairman and chief executive officer.

“During the quarter, we found buying opportunities originating in South America that will add to our growth outside the region. Globally, we’ve now achieved 85% placement of our new aircraft delivering through 2018. We continue to see good activity in our new aircraft lease placements and campaigns, and our lease yields remain steady. Buyer demand for our used aircraft portfolios remains solid,” said John L. Plueger, president and chief operating officer.