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Air Lease: 1Q Earnings Snapshot

LOS ANGELES (AP) _ Air Lease Corp. (AL) on Thursday reported first-quarter profit of $110.7 million.

On a per-share basis, the Los Angeles-based company said it had net income of $1. Earnings, adjusted for non-recurring costs and stock option expense, came to $1.38 per share.

The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.10 per share.

The company that leases planes to airlines posted revenue of $381.2 million in the period.

Air Lease shares have declined nearly 7 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $44.75, a rise of 28 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AL at https://www.zacks.com/ap/AL