Aircraft lessor Air Lease posted a $24.8 million fourth-quarter profit, reversing a loss of $2.7 million in the same quarter last year, as the company acquired and leased more aircraft.

The recent quarter’s revenue totaled $115.1 million and included $113.6 million in rental revenue, which was more than triple the $36.7 million in rental revenue it posted in the fourth quarter of 2010. Total revenue for the year-ago quarter was $36.9 million.

Air Lease credited the better-than-expected results to the expansion of its aircraft fleet. The company added 23 aircraft during the quarter to bring its fleet total to 102. The company also entered into lease deals with four customers covering 34 aircraft.

For the full year 2011, Air Lease earned $53.2 million on revenue of $336.7 million compared to the previous year’s loss of $52 million on revenue of $58.4 million.

To read the Air Lease news release click here.