Air Lease Corporation's first Quarter 2017 net income down 8.5%

Air Lease Corporation (ALC) has reported financial results for the three months ended March 31, 2017.
Revenues for the quarter improved 4.9% to US$360.2m. Income before taxes dropped 7.0% to US$133,878m. Net income for the first quarter was down 8.5% to $84,937m compared to the first quarter of 2016. Air Lease Corporation added 11 aircraft with a cost of US$825.0m ending the quarter with US$12.6bn in aircraft with a weighted average age of 3.7 years and a weighted average lease term remaining of 6.9 years. The company signed 34 lease agreements and 19 letters of intent adding five additional airlines to its customer base. The minimum future contracted rentals for its current and future fleet increased to US$24.0bn. ALC placed 91% of its order book on long-term leases for aircraft delivering through 2019. As of March 31, 2017, ALC’s fleet was comprised of 243 owned aircraft, with a weighted-average age and remaining lease term of 3.7 years and 6.9 years, respectively, and 31 managed aircraft. During the quarter ended March 31, 2017, the company took delivery of 11 aircraft from its order book and sold five aircraft from its operating lease portfolio.