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Air Lease Corporation Announces Third Quarter 2012 Results

Stocks in this article: AL

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

Highlights

Air Lease Corporation reports another consecutive quarter of fleet, revenue, profitability and financing growth:

  • Doubled diluted EPS to $0.36 per share in the third quarter of 2012 compared to $0.18 in the third quarter of 2011. Diluted EPS increased 173% to $0.90 per share for the nine months ended September 30, 2012 compared to $0.33 per share for the nine months ended September 30, 2011.
  • Delivered five aircraft from our order book, growing our fleet to 142 aircraft, cost now exceeds $6 billion and is spread across a diverse and balanced customer base of 66 airlines and 37 countries.
  • Completed successful senior unsecured notes offering of $500 million due 2016 bearing interest at a rate of 4.5%.

The following table summarizes the results for the three and nine months ended September 30, 2012 and 2011 (in thousands, except share amounts):

    Three Months Ended   Nine Months Ended
September 30, September 30,
2012   2011   % change 2012   2011   % change
Revenues $ 174,925 $ 92,125

90%

$ 465,651 $ 221,684 110%
Income before taxes $ 57,193 $ 28,341 102% $ 142,687 $ 44,154 223%
Net income $ 37,011 $ 18,271 103% $ 92,110 $ 28,470 224%
Cash provided by operating activities $ 132,276 $ 83,076 59% $ 372,496 $ 166,197 124%
Diluted EPS $ 0.36 $ 0.18 100% $ 0.90 $ 0.33 173%
Adjusted net income (1) $ 44,602 $ 25,122 78% $ 115,415 $ 56,294 105%

Adjusted EBITDA (1)

$ 161,467 $ 79,954 102% $ 422,683 $ 188,001 125%

(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.

 

“We are pleased with ALC’s strong financial and operating performance this quarter, resulting in doubled year over year EPS. Our business model and fundamentals are producing results that exceed the internal plans laid out at the Company’s founding. We continue to execute our robust growth trajectory due to our contracted delivery stream that carries on into the next decade. Although global macro concerns continue to exist, our experienced leadership team has planned ALC’s business model from the outset to adapt to cyclical changes in the industry,” said Steven F. Udvár-Hazy, Chairman and Chief Executive Officer of Air Lease Corporation.

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