Air Lease Corporation Announces First Quarter 2021 Results
Air Lease Corporation (ALC) (NYSE: AL) announces financial results for the three months ended March 31, 2021.
“We continued helping our customers through a difficult winter season in Q4 and Q1 and we are hopeful that the worst of the global pandemic is behind us. The world’s airlines need much more time for financial recovery, yet fleet renewal remains a top priority and we are heavily involved in this process. For Q1, we exceeded our aircraft investment expectations, and our operating cash flow increased modestly relative to last year’s pre-pandemic first quarter. We see accelerating domestic traffic recovery in multiple geographic regions, with expectations of improvement over the remainder of 2021 in regions still heavily impacted,” said John L. Plueger, Chief Executive Officer and President.
“Lease placements from our forward orderbook are tracking well, as airlines recognize that re-fleeting with the most environmentally friendly and fuel efficient aircraft is key to their long term prosperity and future. Lease financing is increasingly critical to airline fleet restructuring, and ALC's focus on new aircraft places us at the leading-edge of industry demand. We believe the recovery in the US and China are harbingers of what will occur globally as travel restrictions are relaxed and vaccines are more widely distributed,” said Steven F. Udvar-Házy, Executive Chairman of the Board.
First Quarter 2021 Results
The following table summarizes our operating results for the three months ended March 31, 2021 and 2020 (in millions, except per share amounts and percentages):
Financial Highlights
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Three Months Ended
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2021 |
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2020 |
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$ change |
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% change |
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Revenues |
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$ |
474.8 |
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$ |
511.4 |
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