LOS ANGELES - Air Lease Corporation (NYSE:AL), a leading aircraft leasing company, disclosed its first-quarter activities for 2024, which included significant investments in new aircraft, sales of existing planes, and various financing ventures. The company's current fleet consists of 472 owned and 73 managed aircraft, with an additional 320 new aircraft on order from Boeing (NYSE:BA) and Airbus, scheduled for delivery by 2028.
In the first quarter ending March 31, 2024, Air Lease delivered 14 new aircraft from its order book. These deliveries encompassed a diverse range of models, including two Airbus A220s, one Airbus A320neo, six Airbus A321neos, one Airbus A350-1000, and four Boeing 737-8s. The total investment for these new aircraft approached $900 million, with the bulk of the expenditure occurring in the latter half of the quarter.
The company also executed sales of five aircraft to third-party buyers, generating approximately $240 million in proceeds for the quarter.
To support its financial structure, Air Lease issued a series of senior unsecured medium-term notes. These included $500 million of notes with a 5.10% interest rate due in 2029, C$400 million of notes at 5.40% due in 2028, and €600 million of notes at 3.70% maturing in 2030.
Air Lease Corporation, headquartered in Los Angeles, is recognized globally in the aircraft leasing industry. The company specializes in purchasing new commercial aircraft and leasing them to airlines around the world with tailored leasing and financing solutions.
The information provided is based on a press release statement from Air Lease Corporation.
InvestingPro Insights
Air Lease Corporation's (NYSE:AL) recent financial activities and fleet expansion have caught the attention of investors, indicating a strategic approach to growth in the competitive aircraft leasing industry. InvestingPro data sheds light on the company's current market performance and financial health, providing investors with a deeper understanding of its potential.
With a market capitalization of $5.61 billion, Air Lease Corporation is trading at an earnings multiple of 9.76, which is adjusted to 10.71 based on the last twelve months as of Q4 2023. This suggests that the company is trading at a relatively low earnings multiple, potentially indicating value for investors considering the industry averages. Moreover, the company's gross profit margin stands impressively at 60.19%, highlighting its ability to maintain profitability against operational costs.
Investors should note that Air Lease Corporation has demonstrated a robust revenue growth of 15.87% over the last twelve months as of Q4 2023. This growth trajectory is supported by the company's consistent dividend payments, which have been raised for 11 consecutive years, reflecting a stable and investor-friendly policy.
Among the InvestingPro Tips, two particularly relevant to Air Lease Corporation's current situation are the company's significant debt burden and the fact that its stock price movements are quite volatile. Investors looking to dive deeper into these aspects can find additional insights on the company's financial health and stock performance by visiting InvestingPro. There are numerous additional tips available on InvestingPro, and by using the coupon code PRONEWS24, investors can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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