Air Lease Corporation, one of the global leaders in aircraft leasing and management has just released details of its financial results for the three months and year ended December 31, 2023.
Air Lease Corporation is a leading global aircraft leasing company based in Los Angeles, California that has airline customers throughout the world. Air Lease Corporation and its team of dedicated and experienced professionals are principally engaged in purchasing new commercial aircraft and leasing them to its airline customers worldwide through customized aircraft leasing and financing solutions.
“Fourth quarter and full-year performance at ALC was very strong. With the exception of the benefit of tax reform in 2017, we achieved record revenues and profits for the 4th quarter, with net income increasing 56% and revenues increasing 19% over the prior year’s quarter. Similarly, for the full year 2023, we enjoyed record revenues, aircraft sales, and total assets which exceeded $30 billion for the first time. Looking forward, the commercial aircraft supply/demand backdrop remains highly favourable for our current fleet and our $22 billion forward orderbook scheduled to deliver over the next 4-5 years,” said John L. Plueger, Chief Executive Officer and President, and Steven F. Udvar-Házy, Executive Chairman of the Board.
Fourth Quarter 2023 vs. Fourth Quarter 2022
Our total revenues for the three months ended December 31, 2023 increased by 19% to $717 million as compared to the three months ended December 31, 2022. The increase in total revenues was primarily driven by the continued growth in our fleet, an increase in sales activity and higher end-of-lease revenue. During the three months ended December 31, 2023, we recognized $59 million in gains from the sale of eight aircraft. We also recognized $60 million in end-of-lease revenue related to the return of seven aircraft. During the three months ended December 31, 2022, we recorded approximately $28 million in gains from the sale of six aircraft1.