Air Lease Profit Beats Wall Street ForecastsThursday, February 27, 2014
Shares of Air Lease Corp. climbed in after-hours trading Thursday after the aircraft leasing company reported better-than-expected fourth quarter earnings and revenue.
After the markets closed, the Century City company founded by L.A. billionaire Steven Udvar-Hazy reported net income of $58.8 million (55 cents a share), compared with $39.8 million (38 cents) in the same period last year. Revenue rose 28 percent to nearly $243 million.
Analysts surveyed by Thomson Reuters on average expected the company to earn 48 cents a share on revenue of $226 million.
Air Lease "grew all of its key operating metrics in 2013," said Udvar-Hazy, the company's chief executive. "Another year of global traffic growth over 5 percent has generated strong demand for our future aircraft deliveries and positions the company very well to continue to help airlines modernize aging aircraft fleets."
Shares earlier closed up 38 cents, or 1 percent, to $35.52 on the New York Stock Exchange, and rose 12 percent after hours.