Yahoo Finance Air Lease (AL) Releases Encouraging Activity Update for Q4
Air Lease Corporation AL provided an update on its aircraft investments, sales and financing-related activities, which occurred in the fourth quarter of 2023.
As of Dec 31, 2023, Air Lease’s fleet included 463 owned aircraft and 78 managed aircraft. As of Dec 31, 2023, AL had commitments to purchase 334 aircraft from Boeing and Airbus for delivery through 2029.
The company had already delivered 22 new aircraft from its order book, which comprises six Airbus A220s, one Airbus A320neo, eight Airbus A321neos, two Airbus A330-900neos, two Boeing 737-8s and three Boeing 737-9s. It has also sold seven aircraft to third-party buyers.
Total aircraft investments in the fourth quarter were $1.2 billion.
Given the aforementioned encouraging fleet growth numbers, we look forward to AL’s fourth-quarter 2023 earnings report, which is scheduled to be released on Feb 15, after market close.
Shares of Air Lease have risen 9.9% over the past three months compared with 17.5% growth of the industry.
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Zacks Rank and Stocks to Consider
AL currently carries a Zacks Rank #5 (Strong Sell).
Investors interested in the Zacks Transportation sector may consider some better-ranked stocks like Ryanair Holdings RYAAY and SkyWest SKYW.
RYAAY, which carries a Zacks Rank #2 (Buy) at present, is benefiting from buoyant air-traffic scenario post Covid. You can see the complete list of today’s Zacks #1 Rank stocks here.
Traffic grew 11% to 105.4 million during the first half of fiscal 2024. On the back of robust traffic scenario, RYAAY’s profit after tax was €2.18 billion during the first half of fiscal 2024, up 59% year over year. Ryanair expects fiscal 2024 traffic to be 183.5 million.
SKYW's fleet modernization efforts are commendable. Initiatives to reward its shareholders also bode well. The Zacks Consensus Estimate for 2024 earnings increased 3.5% in the past 60 days. SkyWest currently sports a Zacks Rank #1 (Strong Buy).
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Ryanair Holdings PLC (RYAAY) : Free Stock Analysis Report
Air Lease Corporation (AL) : Free Stock Analysis Report
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