Air Lease (AL) Releases Encouraging Activity Update for Q1
Air Lease Corporation AL provided an update on its aircraft investments, sales and financing-related activities, which occurred in the first quarter of 2023.
As of Mar 31, 2023, Air Lease’s fleet included 437 owned aircraft and 86 managed aircraft. As of Mar 31, 2023, AL had commitments to purchase 376 aircraft from Boeing and Airbus for delivery through 2029.
AL had already delivered 22 new aircraft from its order book, which comprises six Airbus A321neos, two Airbus A330-900neos, one Airbus A350-900, five Boeing 737-8s and eight Boeing 737-9s. AL has also sold two aircraft to third-party buyers.
Total aircraft investments in the first quarter were $1.4 billion.
Notably, continued growth in the fleet has been contributing to Air Lease’s top-line growth (up 11% year over year in 2022).
Given the aforementioned encouraging fleet growth numbers for the first quarter of 2023, we look forward to AL’s first-quarter 2023 earnings results, which are scheduled to be released on May 1, after market close.
Shares of Air Lease have gained 24.8% over the past six months compared with 12% growth of the industry it belongs to.
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Zacks Rank and Other Stocks to Consider
Currently, Air Lease carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks from the Zacks Transportation sector are Copa Holdings, S.A. CPA and American Airlines AAL. Copa Holdings presently sports a Zacks Rank #1 (Strong Buy) and American Airlines carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Copa Holdings has an expected earnings growth rate of 40.8% for the current year. CPA delivered a trailing four-quarter earnings surprise of 33.35%, on average.
The Zacks Consensus Estimate for CPA’s current-year earnings has improved 15% over the past 90 days. Shares of CPA have risen 22.7% over the past six months.
AAL has an expected earnings growth rate of more than 100% for the current year. AAL delivered a trailing four-quarter earnings surprise of 7.79%, on average.
The Zacks Consensus Estimate for AAL’s current-year earnings has improved 40.5% over the past 90 days. Shares of AAL have gained 14.8% over the past six months.
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