Air Lease (AL) Reports Rosy Second-Quarter Activity Update
Air Lease Corporation AL provided an update on its aircraft investments, sales and significant financing activities occurring in the second quarter of 2024.
As of Jun 30, 2024, Air Lease’s fleet included 474 owned aircraft and 67 managed aircraft. By the end of the second quarter of 2024, AL had commitments to purchase 307 aircraft from Boeing and Airbus for delivery through 2029.
The company had already delivered 13 new aircraft from its order book, which comprises two Airbus A220s, five Airbus A321neos, one Airbus A330-900neos, one Airbus A350-900, two Boeing 737-8s, one Boeing 737-9 and one Boeing 787-9. It also sold 11 aircraft to third-party buyers.
Total aircraft investments in the second quarter of 2024 were $940 million. Most of that took place in the second half of the June quarter.
Given the aforementioned encouraging fleet numbers, we look forward to AL’s second-quarter 2024 earnings report, which is scheduled to be released on Aug 1 after market close.
Price Performance
Shares of Air Lease have declined 0.3% over the past three months compared to the 4.3% growth of the industry.
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Zacks Rank
AL currently sports a Zacks Rank #1 (Strong Buy).
Other Stocks to Consider
Some other top-ranked stocks for investors’ consideration in the Zacks Transportationsector include Copa Holdings CPA and Kirby Corporation KEX.
CPA currently sports a Zacks Rank #1 and has an Earnings ESP of +3.01%. You can see the complete list of today’s Zacks #1 Rank stocks here.
Copa Holdings has an impressive earnings surprise history. Its earnings outpaced the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average surprise of 20.2%. Shares of CPA have rallied 1.4% in the past six months.
KEX carries a Zacks Rank #2 (Buy) at present.Kirbyhas an Earnings ESP of +7.58% for the current year.
The company has an encouraging track record with respect to the earnings surprise, having surpassed the Zacks Consensus Estimate in each of the trailing four quarters. The average beat is 10.3%. Shares of Kirby have climbed 58.4% in the past six months.
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