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Air Lease (AL) Posts Activity Update for First-Quarter 2021

Air Lease Corporation AL provided an update on aircraft investments, sales and financing activities that took place in the first quarter of 2021.

As of Mar 31, 2021, the company’s fleet consisted of 342 owned (indicates a rise from 332 owned aircrafts from year ended 2020) and 83 managed aircraft. At the end of the period, the company also had 349 new aircraft on orders from Boeing and Airbus, which are expected to be delivered through 2027. Steady growth in Air Lease’s fleet is aiding the top line. The same is expected to be reflected in the company’s first-quarter results. Detailed results are coming out on May 6.

During the March quarter, Air Lease delivered 10 new aircraft, including one A320neo, four A321neos, four Boeing 737-8s and one Boeing 787-9. The company’s aircraft investments in the quarter totaled approximately $600 million. Majority of the investments occurred in the latter half of the quarter. The company did not sell any aircraft during the first quarter.

Under its financing activity, the company issued $750 million of 0.7% senior unsecured medium-term notes due 2024 as well as issued $300 million of non-cumulative perpetual series B preferred stock at a fixed rate of 4.65%.

On Apr 7, 2021, Air Lease’s long-term rating from S&P () was affirmed at BBB and outlook modified from “Negative" to “Stable”.

Zacks Rank & Stocks to Consider

Air Lease currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the broader Zacks Transportation sector are Triton International Limited TRTN, Landstar System, Inc. LSTR and Herc Holdings HRI. While Landstar carries a Zacks Rank #2 (Buy), Triton and Herc Holdings sport a Zacks Rank #1 (Strong Buy) at present. 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 Triton, Landstar and Herc Holdings is pegged at 10%, 12% and 31.2%, respectively.

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Air Lease Corporation (AL): Free Stock Analysis Report
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