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Air Lease (AL) Provides Activity Update for Third Quarter

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Zacks Equity Research
·2 min read
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Air Lease Corporation AL reports activity update for September-end quarter. Through this, the company provided an update on its fleet, order book deliveries as well as sales and finance activities that took place in third-quarter 2020 (July-September period).

As of Sep 30, Air Lease fleet consisted of 308 owned aircraft and 81 managed aircraft. Besides, 377 new planes from Boeing and Airbus are expected to get delivered by 2026. This steady fleet growth is expected to boost the company’s top line.

During the September-quarter, the company delivered seven new aircraft including one Airbus A320neo, four A321neos, one A350-900 and one A350-1000. Also, the company’s aircraft investment in the quarter totalled nearly $0.6 billion.

In addition, Air Lease sold one aircraft to Thunderbolt Aircraft Lease Limited III during the quarter. Notably, the sale was the final aircraft sold to this entity.

Under its financing activity, the company issued $700 million of senior unsecured medium-term notes due 2026 at a fixed rate of 2.875%. Moreover, Air Lease exited the quarter with $7 billion liquidity comprising of unrestricted cash and available revolver capacity. This liquidity position is very impressive particularly in the current turbulent scenario.

Zacks Rank & Other Stocks to Consider

Air Lease sports a Zacks Rank #1 (Strong Buy), currently.

Investors interested in the broader Transportation sector can also consider stocks like J.B. Hunt Transport Services, Inc. JBHT, Werner Enterprises, Inc. WERN and Knight-Swift Transportation Holdings Inc KNX. While J.B. Hunt and Knight-Swift presently carry a Zacks Rank #2 (Buy), Werner sports a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.

Long-term expected earnings per share (three to five years) growth rate for J.B. Hunt, Werner and Knight-Swift is pegged at 15%, 8.5% and 15%, respectively.

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