Air Lease (US:AL) ZACKS·2024-11-08 20:16Core Insights - Air Lease Corporation (AL) reported strong third-quarter 2024 results, with earnings per share (EPS) of $1.25 exceeding the Zacks Consensus Estimate of $1.22, while total revenues of $690.2 million slightly lagged the estimate of $681.7 million, reflecting a year-over-year growth of 4.7% [1] Revenue Breakdown - Revenues from the rental of flight equipment increased by 3.5% year over year to $625.18 million, driven by fleet growth, although this was partially offset by a decline in end-of-lease revenue of nearly $12 million and a slight decrease in lease yields due to the sale of older aircraft with higher yields [2] - Revenues from aircraft sales, trading activity, and other sources rose by 17% year over year to $64.98 million, attributed to gains from aircraft sales, including $42 million from the sale of nine aircraft during the quarter [3] Operating Expenses and Financial Position - Operating expenses increased by 13.3% year over year to $559.9 million [3] - As of September 30, 2024, Air Lease owned 485 aircraft with a net book value of $27.9 billion, and the total fleet size was 836, which includes 64 managed aircraft and 287 on order [4] - The company ended the third quarter with $460.78 million in cash and cash equivalents, up from $454.12 million in the previous quarter, while debt financing rose to $20.16 billion from $19.67 billion [5]