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Air Lease Corporation Announces Fiscal Year & Fourth Quarter 2017 Results
Los Angeles, California, February 22, 2018 — Air Lease Corporation (ALC) (NYSE: AL) announces financial results for the year and three months ended December 31, 2017.
◦$1,516 million for the full year 2017, an increase of 6.9%
◦$398 million for the three months ended December 31, 2017, an increase of 7.6%
Diluted earnings per share:
◦$6.82 for the full year 2017, an increase of 98.3%
◦$4.22 for the three months ended December 31, 2017, an increase of 374.2%
Adjusted diluted earnings per share before income taxes:
◦$5.94 for the full year 2017, an increase of 4.8%
◦$1.60 for the three months ended December 31, 2017, an increase of 8.1%
Diluted earnings per share, excluding effects of the Tax Cuts and Jobs Act ("Tax Reform Act"):
◦$3.65 for the full year 2017, an increase of 6.1%
◦$1.06 for the three months ended December 31, 2017, an increase of 19.1%
◦Pre-tax margin of 40.2% for the full year 2017
◦Adjusted pre-tax margin of 43.4% for the full year 2017
Return on equity:
◦Pre-tax return on equity of 16.2% for the full year 2017
◦Adjusted pre-tax return on equity of 17.5% for the full year 2017
Recorded a $354 million tax benefit or $3.16 per diluted share for the quarter ended December 31, 2017, due to the remeasurement of deferred tax liabilities as a result of the Tax Reform Act. The Tax Reform Act lowers the U.S. corporate tax rate from 35% to 21% effective January 1, 2018. We expect that the lower U.S. corporate tax rate will help to increase our net income and accelerate our growth.
Took delivery of our first 737 MAX and A350 aircraft from our orderbook in the fourth quarter of 2017 and have commitments to purchase 128 737 MAX aircraft and 18 A350 aircraft between 2018 and 2023.
Ended the year with a net book value of $13.3 billion in aircraft with a weighted average age of 3.8 years and a weighted average lease term remaining of 6.8 years.
Placed 97% of our order book on long-term leases for aircraft delivering through 2019 and 79% through 2020.
Ended the year with $23.4 billion in committed minimum future rental payments, including $10.1 billion in contracted minimum rental payments on the aircraft in our existing fleet and $13.3 billion in minimum future rental payments related to aircraft delivering in the future.
Issued a total of $2.2 billion of senior unsecured notes in 2017 and ended the year with liquidity of $3.2 billion and further decreased our composite cost of funds to 3.20%.
Declared a quarterly cash dividend of $0.10 per share on our outstanding common stock for the fourth quarter of 2017. The dividend will be paid on April 6, 2018 to holders of record of our common stock as of March 20, 2018.
The following information was filed by Air Lease Corp (AL) on Thursday, February 22, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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