Air Lease Corporation (ALC) has posted its financial results for the year ended December 31, 2022.
The company’s total revenues for the year increased by 11% to US$2.3 billion compared to the same period in 2021. The increase in total revenues was primarily driven by the continued growth in its fleet and significantly lower COVID-19-related lease restructuring and cash basis losses.
Net loss for the year was US$138.7 million, compared to net income of US$408.2 million for the same period in 2021. Despite the fleet growth, the decrease was due to the net impact of the write-off of the company’s Russian fleet, which totalled approximately US$771.5 million as of December 31, 2022.
Adjusted net income before income taxes during the year was US$659.9 million, as compared to US$589.7 million for the previous year. The increase was primarily due to the continued growth of ALC’s fleet and the increase in revenues as mentioned above.
As of December 31, 2022 the net book value of the company’s fleet increased to US$24.5 billion, compared to US$22.9 billion as of December 31, 2021. As of December 31, 2022, ALC owned 417 aircraft in its aircraft portfolio, comprised of 306 narrow-body aircraft and 111 wide-body aircraft and managed 85 aircraft. The weighted average fleet age and weighted average remaining lease term of the fleet as of December 31, 2022 was 4.5 years and 7.1 years, respectively. (£1.00 = US$1.20 at time of publication)
