Stock Monitor: AMERCO Post Earnings Reporting
LONDON, UK / ACCESSWIRE / June 18, 2018 / If you want access to our free earnings report on Air Lease Corp. (NYSE: AL), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=AL. The Company reported its first quarter fiscal 2018 operating and financial results on May 10, 2018. The Company, which leases planes to airlines, surpassed earnings estimates. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For the three months ended March 31, 2018, Air Lease recorded revenues of $381.2 million, reflecting an increase of 5.8% compared to $360.2 million in Q1 2017. The Company's revenue numbers lagged analysts' estimates by $2.16 million.
Air Lease recorded a pre-tax margin of 37.1% in Q1 2018 compared to $37.2% in Q1 2017. The Company's adjusted pre-tax margin was 40.1% in the reported quarter compared to 40.7% in the prior year's same quarter.
For Q1 2018, Air Lease reported earnings of $110.7 million, or $1.00 per diluted share, compared to $84.9 million, or $0.78 per diluted share, in Q1 2017. The Company's adjusted net income before income taxes was $152.8 million, or $1.38 per diluted share, in the reported quarter versus $146.6 million, or $1.33 per diluted share, in the year earlier comparable quarter. Air Lease's earnings numbers beat Wall Street's estimates of $1.10 per share.
Air Lease posted a pre-tax return on equity of 16.1% in the trailing twelve months ended March 31, 2018. The Company recorded an adjusted pre-tax return on equity of 17.3% in the trailing twelve months ended March 31, 2018.
Flight Equipment Portfolio
Air Lease's fleet grew by 2.3% based on a net book value of $13.6 billion as of March 31, 2018, compared to $13.3 billion as of December 31, 2017. As of March 31, 2018, the Company's fleet was comprised of 253 owned aircraft, with a weighted-average age and remaining lease term of 3.9 years and 6.7 years, respectively, and 49 managed aircraft. Air Lease had a globally diversified customer base of 93 airlines in 56 countries.
During Q1 2018, Air Lease took delivery of 4 aircraft from its order book and 5 incremental aircraft from the secondary market; representing $441 million in capital expenditure, 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. The Company had 253 aircraft in its operating lease portfolio at the end of Q1 2018.
Air Lease's aircraft on order are 100% placed through 2019, and 81% placed through 2020 on long-term leases.
During Q1 2018, Air Lease signed a firm order with Boeing for an additional 8 Boeing 737-8 MAX aircraft, with deliveries beginning in 2020 through 2022. The Company 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 its existing fleet and $13.3 billion in minimum future rental payments related to aircraft delivering in the future.
Debt Financing Activities
Air Lease ended Q1 2018 with a total debt financing, net of discounts and issuance costs, of $9.9 billion, resulting in a debt to equity ratio of 2.34:1.
As of March 31, 2018, Air Lease's debt financing was comprised of an unsecured debt of $9.5 billion; representing 95.0% of the Company's debt portfolio compared to 94.6% as of December 31, 2017.
Stock Performance Snapshot
June 15, 2018 - At Friday's closing bell, Air Lease's stock slightly rose 0.16%, ending the trading session at $43.94.
Volume traded for the day: 950.86 thousand shares, which was above the 3-month average volume of 595.62 thousand shares.
Stock performance in the past twelve-month period – up 14.31%
After last Friday's close, Air Lease's market cap was at $4.60 billion.
Price to Earnings (P/E) ratio was at 11.33.
The stock has a dividend yield of 0.91%.
The stock is part of the Services sector, categorized under the Rental & Leasing Services industry. This sector was up 0.1% at the end of the session.
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