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Air Lease Corporation Announces First Quarter 2018 Results
Los Angeles, California, May 10, 2018 — Air Lease Corporation (ALC) (NYSE: AL) announces financial results for the three months ended March 31, 2018.
◦ $381 million for the three months ended March 31, 2018, an increase of 5.8%
Diluted earnings per share:
◦ $1.00 for the three months ended March 31, 2018, an increase of 28.2%
Adjusted diluted earnings per share before income taxes:
◦ $1.38 for the three months ended March 31, 2018, an increase of 3.8%
◦ Pre-tax margin of 37.1% for the three months ended March 31, 2018
◦ Adjusted pre-tax margin of 40.1% for the three months ended March 31, 2018
Return on equity:
◦ Pre-tax return on equity of 16.1% for the trailing twelve months ended March 31, 2018
◦ Adjusted pre-tax return on equity of 17.3% for the trailing twelve months ended March 31, 2018
Took delivery of four aircraft from our order book and five incremental aircraft from the secondary market, representing $441 million in capital expenditures, ending the quarter with $13.6 billion in aircraft with a weighted average age of 3.9 years and a weighted average lease term remaining of 6.7 years.
Our aircraft on order are 100% placed through 2019 and 81% placed through 2020 on long term leases.
Signed a firm order with Boeing for an additional eight Boeing 737-8 MAX aircraft with deliveries beginning in 2020 through 2022.
Ended the quarter with $23.5 billion in committed minimum future rental payments consisting of $10.2 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 $1.25 billion of unsecured senior notes including $550 million of 2.50% unsecured senior notes due 2021 and $700 million of 3.25% unsecured senior notes due 2025.
In May 2018, completed an amendment to our Syndicated Unsecured Revolving Credit Facility, increasing the capacity to $4.5 billion and extending the final maturity to May 2022 with an interest rate of LIBOR plus 1.05%.
Declared a quarterly cash dividend of $0.10 per share on our outstanding common stock for the first quarter of 2018. The dividend will be paid on July 10, 2018 to holders of record of our common stock as of June 5, 2018.
The following information was filed by Air Lease Corp (AL) on Thursday, May 10, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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