Air Lease Delivers 14 New Aircraft In Q1, Investments Fall

Air Lease Corporation AL on Tuesday said it delivered 14 new aircraft in the first quarter of 2024, lower than 22 aircraft in the year-ago period.

As of March 31, 2024, the company’s fleet was comprised of 472 owned aircraft and 73 managed aircraft, with 320 new aircraft on order from Boeing Company BA and Airbus SE EADSY set to deliver through 2028.

The company sold five aircraft to third-party buyers in the period under review, higher than just two aircraft a year ago.

Aircraft investments in the quarter totaled approximately $900 million, with the majority occurring in the second half of the quarter. This is significantly lower than $1.4 billion in the year-ago period.

Aircraft sales proceeds for the quarter totaled approximately $240 million for the quarter under review.

Among others, Air Lease issued $500 million of 5.10% senior unsecured medium-term notes due 2029.

In February, the company disclosed long-term lease agreements for three new Boeing Company’s 787-9 aircraft with Thai Airways International. 

These three Dreamliner aircraft are confirmed to be delivered to the Thai carrier in 2025 from the order book with Boeing.

According to Benzinga Pro, AL stock has gained over 28% in the past year. Investors can gain exposure to the stock via Invesco S&P SmallCap Industrials ETF PSCI and Avantis U.S. Small Cap Value ETF AVUV.

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Price Action: AL shares closed lower by 0.28% to $50.40 on Monday.