Air Lease Corporation (ALC) (NYSE: AL) announced today the results of its operations for the three and nine months ended September 30, 2012.
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 $500 million due 2016 bearing interest at a rate of 4.5%.
The following table summarizes the results for the three and nine months ended September 30, 2012 and 2011 (in thousands, except share amounts):
|Three Months Ended||Nine Months Ended|
|September 30,||September 30,|
|2012||2011||% change||2012||2011||% change|
|Income before taxes||$||57,193||$||28,341||102%||$||142,687||$||44,154||223%|
|Cash provided by operating activities||$||132,276||$||83,076||59%||$||372,496||$||166,197||124%|
|Adjusted net income (1)||$||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.|
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