Aircraft leasing and management giant, Air Lease Corporation has just released its financial results for the three Months Ended March 31, 2024. During the first quarter, ALC took delivery of 14 aircraft from its existing order book, representing approximately $900 million in aircraft investments. The company ended the period with 472 aircraft in its owned fleet and approximately $31 billion in total assets. ALC sold five aircraft during the first quarter for approximately $240 million in sales proceeds.
Operating Results
| Three Months Ended March 31, | |||||||||||||
|
| 2024 |
|
|
| 2023 |
|
| $ change |
| % change | |||
Revenues | $ | 663.3 |
|
| $ | 636.1 |
|
| $ | 27.2 |
|
| 4.3 | % |
Operating expenses |
| (528.0 | ) |
|
| (477.9 | ) |
|
| (50.1 | ) |
| 10.5 | % |
Income before taxes |
| 135.3 |
|
|
| 158.3 |
|
|
| (23.0 | ) |
| (14.5 | )% |
Net income attributable to common stockholders | $ | 97.4 |
|
| $ | 118.3 |
|
| $ | (20.9 | ) |
| (17.7 | )% |
Diluted earnings per share | $ | 0.87 |
|
| $ | 1.06 |
|
| $ | (0.19 | ) |
| (17.9 | )% |
Adjusted net income before income taxes(1) | $ | 146.3 |
|
| $ | 166.8 |
|
| $ | (20.5 | ) |
| (12.3 | )% |
Adjusted diluted earnings per share before income taxes(1) | $ | 1.31 |
|
| $ | 1.50 |
|
| $ | (0.19 | ) |
| (12.7 | )% |
Key Financial Ratios
| Three Months Ended March 31, | ||||
| 2024 |
| 2023 | ||
Pre-tax margin | 20.4 | % |
| 24.9 | % |
Adjusted pre-tax margin(1) | 22.1 | % |
| 26.2 | % |
Pre-tax return on common equity (trailing twelve months) | 11.2 | % |
| 10.2 | % |
Adjusted pre-tax return on common equity (trailing twelve months)(1) | 11.6 | % | |||
