Air Lease (AL) Stock Up On Q1 Earnings And Revenue Beat
Zacks Investment Research | May 10, 2019 08:33AM ET
Air Lease Corporation (NYSE:AL) delivered better-than-expected earnings and revenues in the first quarter of 2019. Following the impressive results, shares of the company rose 1.2% in after-market trading on May 9.
The company’s earnings of $1.23 per share surpassed the Zacks Consensus Estimate of $1.21. Quarterly revenues came in at $466.1 million, outpacing the Zacks Consensus Estimate of $459.1 million. The top line also increased 22.3% year over year, primarily owing to consistent fleet growth.
Meanwhile, rental of flight equipment revenues, accounting for bulk (97.8%) of the top line, climbed 20.6% from the year-ago figure. Also, aircraft sales and trading activity revenues surged more than 200% to $10.31 million. Total expenses rose 21.3% to $291.11 million, thanks to higher interest expenses, and selling, general and administrative expenses.
During the reported quarter, this Los Angeles, CA-based company received a delivery of 11 planes and sold six aircraft, thereby exiting the period with a fleet of 280 in its portfolio, up from 275 at the end of 2018. The average fleet net book value totaled $16.3 billion compared with $15.7 billion in December 2018.
Air Lease Corporation Price, Consensus and EPS Surprise
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