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Air Lease Corporation Announces Second Quarter 2013 Results

Stocks in this article: AL

Air Lease Corporation (ALC) (NYSE: AL) announced today the results of its operations for the three and six months ended June 30, 2013.

Highlights

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

  • Diluted EPS increased by 46.4% to $0.41 per share for the three months ended June 30, 2013 from $0.28 per share for the three months ended June 30, 2012
  • Revenues increased 31.4% to $207.9 million for the three months ended June 30, 2013 compared to $158.2 million for the three months ended June 30, 2012
  • Income before taxes increased 51.1% to $66.3 million with a pretax margin of 31.9% for the three months ended June 30, 2013 compared to income before taxes of $43.9 million with a pretax margin of 27.7% for the three months ended June 30, 2012
  • ALC became a launch customer for Boeing’s 787-10 Dreamliner at the Le Bourget airshow in June 2013, signing a non-binding memorandum of understanding for 30 787-10 aircraft and three additional 787-9 aircraft
  • Acquired twelve aircraft (including ten aircraft from our order book and two incremental aircraft), growing our fleet to 174 aircraft spread across a broad customer base of 78 airlines in 44 countries
  • We amended our 2010 Warehouse Facility, reducing the facility size by $250.0 million to $1.0 billion, reducing the interest rate to LIBOR plus 2.25% per annum from LIBOR plus 2.50% per annum on drawn balances, reducing the interest rate to 0.50% per annum from 0.75% per annum on undrawn balances and extending the availability period to June 2015 from June 2013 with a subsequent four year term out option
  • Our Board of Directors declared ALC’s third quarterly cash dividend of $0.025 per share on our outstanding common stock

The following table summarizes the results for the three and six months ended June 30, 2013 and 2012 (in thousands, except share amounts):

      Three Months Ended

June 30,

      Six Months Ended

June 30,

2013       2012       % change 2013       2012       % change
Revenues $ 207,872 $ 158,173

31.4%

$ 399,869 $ 290,726

37.5%

Income before taxes $ 66,311 $ 43,884

51.1%

$ 127,983 $ 85,494

49.7%

Net income $ 42,990 $ 28,172

52.6%

$ 82,986 $ 55,099

50.6%

Cash provided by operating activities $ 146,739 $ 138,698

5.8%

$ 307,880 $ 240,220

28.2%

Diluted EPS $ 0.41 $ 0.28

46.4%

$ 0.79 $ 0.54

46.3%

Adjusted net income (1) $ 51,199 $ 36,713

39.5%

$ 98,967 $ 70,813

39.8%

Adjusted EBITDA (1) $ 190,748 $ 142,899

33.5%

$ 368,006 $ 261,216

40.9%

(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.

 

“Our strong results continued during the second quarter as we increased our fully diluted EPS by 46% compared to Q2 of 2012. With an eye towards our customers’ future requirements, and ALC’s long term growth, we placed a launch order for the Boeing 787-10 at the Le Bourget Airshow, which will begin delivering in 2019. The growth in overall global passenger traffic remains at or above our expectations and we continue to see steady demand for our aircraft,” said Steven F. Udvar-Házy, Chairman and Chief Executive Officer of Air Lease Corporation.

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