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Air Lease Corporation’s (AL - Free Report) first-quarter 2022 earnings (excluding $5.57 from non-recurring items) of $1.36 per share surpassed the Zacks Consensus Estimate of $1.04. The bottom line surged 94.3% year over year despite increased costs.
Quarterly revenues of $596.7 million outperformed the Zacks Consensus Estimate of $565.2 million. The top line jumped 25.7% year over year owing to a 21% increase in revenues from the rental of flight equipment, which contributed 94.9% to the top line. Continued growth in fleet drove the top line.
Other Statistics
Revenues from aircraft sales, trading activity and other sources climbed more than 300% year over year to $30.1 million in the reported quarter. Operating expenses rose 6.7% to $396 million, mainly due to higher depreciation of flight equipment costs. AL’s collection rate was 96.9% for the March quarter of 2022 compared with 99.3% in the fourth quarter of 2021.
As of Mar 31, 2021, Air Lease owned 370 aircraft with a net book value of $22.3 billion. Total fleet size at the end of the first quarter was 908 (including owned fleet of 370) compared with 905 at the end of December 2021.
Liquidity
Air Lease, currently carrying a Zacks Rank #3 (Hold), exited the first quarter with cash and cash equivalents of $1.49 billion compared with $1.09 billion at 2021 end. As of Mar 31, 2022, AL had $17.82 billion of debt financing, net of discount and issuance costs compared with $17.02 billion as of Dec 31, 2021.
At the end of the first quarter, Air Lease had a strong liquidity position of $8.3 billion, which should help AL tackle coronavirus-induced challenges efficiently.
Dividend Update
Air Lease’s board approved a quarterly cash dividend of 18.5 cents per share, payable Jul 8 to its shareholders of record as of Jun 7.
J.B. Hunt reported better-than-expected first-quarter 2022 earnings numbers. Quarterly earnings of $2.29 per share surpassed the Zacks Consensus Estimate of $1.91. The bottom line surged 67.2% year over year on the back of higher revenues across all segments.
Total operating revenues of $3,488.6 million also outperformed the Zacks Consensus Estimate of $3,260.5 million. The top line jumped 33.3% year over year.
CSX Corp’s first-quarter 2022 earnings of 39 cents per share beat the Zacks Consensus Estimate by a penny despite the decrease in overall volumes as supply-chain issues continue to dent results. The bottom line improved 25.81% year over year owing to higher revenues, aided by increased shipping rates.
Total revenues of $3,413 million outperformed the Zacks Consensus Estimate of $3291.2 million. The top line increased 21.33% year over year.
United Airlines incurred a loss of $4.24 per share in the first quarter of 2022, wider than the Zacks Consensus Estimate of a loss of $4.19. This is the ninth consecutive quarterly loss suffered by UAL as coronavirus woes continue to dwindle air-travel demand.
Operating revenues of $7,566 million also fell short of the Zacks Consensus Estimate of $7,657.2 million.
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Air Lease's (AL) Q1 Earnings & Revenues Beat Mark, Surge Y/Y
Air Lease Corporation’s (AL - Free Report) first-quarter 2022 earnings (excluding $5.57 from non-recurring items) of $1.36 per share surpassed the Zacks Consensus Estimate of $1.04. The bottom line surged 94.3% year over year despite increased costs.
Quarterly revenues of $596.7 million outperformed the Zacks Consensus Estimate of $565.2 million. The top line jumped 25.7% year over year owing to a 21% increase in revenues from the rental of flight equipment, which contributed 94.9% to the top line. Continued growth in fleet drove the top line.
Other Statistics
Revenues from aircraft sales, trading activity and other sources climbed more than 300% year over year to $30.1 million in the reported quarter. Operating expenses rose 6.7% to $396 million, mainly due to higher depreciation of flight equipment costs. AL’s collection rate was 96.9% for the March quarter of 2022 compared with 99.3% in the fourth quarter of 2021.
As of Mar 31, 2021, Air Lease owned 370 aircraft with a net book value of $22.3 billion. Total fleet size at the end of the first quarter was 908 (including owned fleet of 370) compared with 905 at the end of December 2021.
Liquidity
Air Lease, currently carrying a Zacks Rank #3 (Hold), exited the first quarter with cash and cash equivalents of $1.49 billion compared with $1.09 billion at 2021 end. As of Mar 31, 2022, AL had $17.82 billion of debt financing, net of discount and issuance costs compared with $17.02 billion as of Dec 31, 2021.
At the end of the first quarter, Air Lease had a strong liquidity position of $8.3 billion, which should help AL tackle coronavirus-induced challenges efficiently.
Dividend Update
Air Lease’s board approved a quarterly cash dividend of 18.5 cents per share, payable Jul 8 to its shareholders of record as of Jun 7.
Earnings Snapshots
Within the broader Transportation sector, J.B. Hunt Transport Services (JBHT - Free Report) ,CSX Corporation (CSX - Free Report) and United Airlines (UAL - Free Report) recently reported first-quarter 2022 results.
J.B. Hunt reported better-than-expected first-quarter 2022 earnings numbers. Quarterly earnings of $2.29 per share surpassed the Zacks Consensus Estimate of $1.91. The bottom line surged 67.2% year over year on the back of higher revenues across all segments.
Total operating revenues of $3,488.6 million also outperformed the Zacks Consensus Estimate of $3,260.5 million. The top line jumped 33.3% year over year.
CSX Corp’s first-quarter 2022 earnings of 39 cents per share beat the Zacks Consensus Estimate by a penny despite the decrease in overall volumes as supply-chain issues continue to dent results. The bottom line improved 25.81% year over year owing to higher revenues, aided by increased shipping rates.
Total revenues of $3,413 million outperformed the Zacks Consensus Estimate of $3291.2 million. The top line increased 21.33% year over year.
United Airlines incurred a loss of $4.24 per share in the first quarter of 2022, wider than the Zacks Consensus Estimate of a loss of $4.19. This is the ninth consecutive quarterly loss suffered by UAL as coronavirus woes continue to dwindle air-travel demand.
Operating revenues of $7,566 million also fell short of the Zacks Consensus Estimate of $7,657.2 million.