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LOS ANGELES - Air Lease Corporation (NYSE:AL) saw its stock surge 3.5% after the aircraft leasing company reported fourth-quarter earnings that handily beat analyst estimates.
The company posted adjusted earnings per share of $1.34 for Q4 2024, significantly surpassing the consensus forecast of $0.78. Revenue came in at $712.9 million, also topping expectations of $706.76 million.
Despite the earnings beat, Air Lease's Q4 revenue declined slightly by 0.5% YoY. The company attributed this to lower end-of-lease revenue due to fewer aircraft returns during the quarter.
"ALC generated record revenues in 2024, driven by our $5 billion in aircraft purchases from our orderbook, and $1.7 billion in aircraft sales," said John L. Plueger, CEO and President of Air Lease.
For the full year 2024, Air Lease reported revenue of $2.73 billion, up 1.8% from 2023. However, net income attributable to common stockholders fell 35% to $372.1 million.
The company ended Q4 with 489 aircraft in its owned fleet, up from 463 a year earlier. Air Lease's total committed minimum future rental payments stood at $29.5 billion as of December 31, 2024.
Looking ahead, Plueger expressed optimism about the industry outlook, stating, "We expect lease rates and aircraft valuations to rise, supporting the value of our business. We remain optimistic about the ongoing benefits of these trends, given aircraft shortages are anticipated to persist for several years to come."
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