Air Lease Corporation (ALC) (NYSE:AL) announced today the results of its operations for the three and six months ended June 30, 2012.
Air Lease Corporation reports another quarter of consecutive fleet, profitability and financing growth:
- Diluted EPS increased 250% to $0.28 per share in the second quarter of 2012 compared to $0.08 in the second quarter of 2011. Diluted EPS increased 315% to $0.54 per share for the six months ended June 30, 2012 compared to $0.13 per share for the six months ended June 30, 2011.
- Increased our pipeline of the most fuel-efficient, in demand, profitable aircraft with an order of 100 737-8/9 MAX aircraft, 25 of which are subject to reconfirmation.
- Announced two of our largest narrowbody lease placements to date with premier carriers, including 18 new aircraft with China Southern, which is our single largest lease transaction, and the placement of 13 new aircraft with Air China.
- Lowered our composite cost of funds to 3.84% as of June 30, 2012 compared to 4.05% as of March 31, 2012.
- Deployed more than $950 million in capital further growing our fleet to 137 aircraft spread across a diverse and balanced customer base of 65 airlines and 37 countries.
The following table summarizes the results for the three and six months ended June 30, 2012 and 2011 (in thousands, except share amounts):
|Three Months Ended||Six Months Ended|
|June 30,||June 30,||%||June 30,||June 30,||%|
|Cash provided by operating activities||$||138,698||$||48,300||187||%||$||240,220||$||87,032||176||%|
|Adjusted net income (1)||$||36,713||$||19,459||89||%||$||70,813||$||31,172||127||%|
|Adjusted EBITDA (1)||$||142,899||$||62,780||128||%||$||261,216||$||108,029||142||%|
|(1)||See notes 1 and 2 to the Consolidated Statements of Income included in this earnings release for a discussion of the non-GAAP measures adjusted net income and adjusted EBITDA.|
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