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Air Lease Corporation Announces Second Quarter 2012 Results

Air Lease Corporation (ALC) (NYSE:AL) announced today the results of its operations for the three and six months ended June 30, 2012.

Q2 Highlights

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,      

%

2012

2011

change

2012

2011

change

Revenues $ 158,173 $ 74,344 113 % $ 290,726 $ 129,559 124 %
Pretax income $ 43,884 $ 10,888 303 % $ 85,494 $ 15,813 441 %
Net income $ 28,172 $ 7,023 301 % $ 55,099 $ 10,199 440 %
Cash provided by operating activities $ 138,698 $ 48,300

187

% $ 240,220 $ 87,032

176

%
Diluted EPS $ 0.28 $ 0.08 250 % $ 0.54 $ 0.13 315 %
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.

“For our second quarter 2012 and year-to-date results, I’m pleased to announce continuing successive record results in the execution of our growth plan. During the second quarter ALC saw stable lease demand for our new aircraft positions despite financial headlines regarding Europe and potential slowing in China. With our recent launch order for the Boeing 737 MAX and the favorable economics associated with being a launch customer we have secured ALC’s core business through 2022 with a product that has strong market demand. Our lease placements continue to be in line with our expectations and we are nearing full placement of our new aircraft deliveries through 2015,” said Steven F. Udvar-Házy, Chairman and Chief Executive Officer of Air Lease Corporation.

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