Air Lease reports Q3 results amid positive outlook

Air Lease Corporation reported its 3rd quarter 2023 results this morning.  The results were positive, with Q3 revenues increasing year-over-year by 17.5% to  $659.4 million.  Net Q3 profit of $1.10 per share is up 22.2% over the same period in 2022.  The company purchased 8 new aircraft in the quarter, and sold 8 aircraft during the quarter, achieving stronger values as residuals continue to rise.

CEO John Plueger reported that the company’s utilization rate is above 99% and that the company has 100% of its new orders placed through 2025.  ALC has already placed 87% of their full order book, which extends out to 2029.  Demand is currently strong, with the supply-demand balance impacted by OEM quality issues and lower-than-expected production rates.  Air Lease believes that neither Airbus nor Boeing will meet their 2023 delivery targets and that OEM issues will persist for several years.