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TheStreet Open House

Air Lease Corporation Announces Fourth Quarter 2012 Results And Declares Its First Quarterly Cash Dividend On Its Common Stock

Stocks in this article: AL

Air Lease Corporation (ALC) (NYSE: AL) announced today the results of its operations for the three months ended and year ended December 31, 2012.

Highlights

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

  • Diluted EPS increased 117% to $1.28 per share for the year ended December 31, 2012 compared to $0.59 per share for the year ended December 31, 2011. Diluted EPS increased 58% to $0.38 per share in the fourth quarter of 2012 compared to $0.24 in the fourth quarter of 2011.
  • Revenues increased 95% to $656 million for the year ended December 31, 2012 compared to $337 million for the year ended December 31, 2011. Revenues increased 65% to $190 million in the fourth quarter of 2012 compared to $115 million in the fourth quarter of 2011.
  • Income before taxes increased 146% to $204 million for the year ended December 31, 2012 compared to $83 million for the year ended December 31, 2011. Income before taxes increased 58% to $61 million in the fourth quarter of 2012 compared to $39 million in the fourth quarter of 2011.
  • Added 14 aircraft (including 11 aircraft from our order book and three opportunistic/incremental aircraft) and sold one aircraft from our fleet, growing our fleet to 155 aircraft spread across a diverse and balanced customer base of 69 airlines in 40 countries.
  • Ended the fourth quarter with a composite interest rate of 3.94%, adding debt facilities aggregating $611 million during the fourth quarter and through February 28, 2013 and increased the Company’s unsecured debt as a percentage of total debt to 60.2% as of December 31, 2012 compared to 31.7% as of December 31, 2011.
  • Based on strong Company performance to date, our board of directors declared ALC’s first quarterly cash dividend of $0.025 per share on our outstanding common stock.

The following table summarizes the results for the three months and years ended December 31, 2012 and 2011 (in thousands, except share amounts):

   

Three Months Ended December 31,

   

Year Ended December 31,

2012     2011     % change 2012     2011     % change
Revenues $ 190,095 $ 115,057 65 % $ 655,746 $ 336,741 95 %
Income before taxes $ 61,286 $ 38,687 58 % $ 203,973 $ 82,841 146 %
Net income $ 39,809 $ 24,762 61 % $ 131,919 $ 53,232 148 %
Cash provided by operating activities $ 115,683 $ 100,969 15 % $ 491,029 $ 267,166 84 %
Diluted EPS $ 0.38 $ 0.24 58 % $ 1.28 $ 0.59 117 %
Adjusted net income (1) $ 47,989 $ 31,660 52 % $ 163,404 $ 87,954 86 %
Adjusted EBITDA (1) $ 173,768 $ 102,167 70 % $ 596,451 $ 290,168 106 %

(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 more than doubled our year over year profits in all metrics—Income before taxes, Net income and Diluted EPS. The young age of the highly desirable aircraft types in our globally diversified fleet continue to deliver strong results for our shareholders. Owing to the financial success of the company since inception three years ago, our board has declared the first quarterly cash dividend on our common stock as part of a new dividend policy,” said Steven F. Udvar-Házy, Chairman and Chief Executive Officer of Air Lease Corporation.

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