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Air Lease (AL) Surpasses Q1 Earnings & Revenues Estimates
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Air Lease Corporation (AL - Free Report) first-quarter 2023 earnings of $1.06 per share surpassed the Zacks Consensus Estimate of $1.00 but declined on a year-over-year basis.
Total revenues of $636.1 million outpaced the Zacks Consensus Estimate of $633.5 million and jumped 6% year over year, owing to the continuous growth in the company’s fleet, partially offset by a decline at the end of lease revenues.
Air Lease Corporation Price, Consensus and EPS Surprise
Revenues from the rental of flight equipment climbed 9% year over year to $617.77 million in the reported quarter. Revenues from aircraft sales, trading activity and other sources fell 38.9% from the year-ago quarter to $18.36 million.
Operating expenses rose 20.7% to $477.9 million.
As of Mar 31, 2023, Air Lease owned 437 aircraft with a net book value of $25.7 billion. The total fleet size at the end of the first quarter was 899 (including the owned fleet of 437) compared with 900 at the end of December 2022.
Liquidity
Air Lease exited the first quarter with cash and cash equivalents of $690.41 million compared with $766.41 million at December 2022-end. As of Mar 31, 2023, AL had $19.4 billion of debt financing and net of discount and issuance costs compared with $18.6 billion as of Dec 31, 2022.
Dividend Update
On Apr 28, 2023, Air Lease’s board of directors declared a quarterly cash dividend of 20 cents per share, payable on Jul 7, 2023, to shareholders of record as of June 6, 2023.
J.B. Hunt Transport Services, Inc.’s (JBHT - Free Report) first-quarter 2023 earnings of $1.89 per share missed the Zacks Consensus Estimate of $2.04 and declined 17.5% year over year.
JBHT’s total operating revenues of $3,229.58 million also lagged the Zacks Consensus Estimate of $3,434.4 million and fell 7.4% year over year. The downfall was due to declines in the volume of 25% in Integrated Capacity Solutions (ICS), 5% in Intermodal (JBI) and 17% in Final Mile Services (FMS), and a 17% decline in revenue per load in Truckload (JBT). Revenue declines in ICS, JBI, FMS and JBT were partially offset by Dedicated Contract Services revenue growth of 13%.
JBHT’s total operating revenues, excluding fuel surcharges, decreased 10.2% year over year.
Delta Air Lines’ (DAL - Free Report) first-quarter 2023 earnings (excluding 82 cents from non-recurring items) of 25 cents per share missed the Zacks Consensus Estimate of 29 cents. Volatile fuel prices and unfavorable weather conditions led to this downtick. DAL reported a loss of $1.23 per share a year ago, dull in comparison to the current scenario, as air-travel demand was not so buoyant then.
DAL reported revenues of $12,759 million, which missed the Zacks Consensus Estimate of $12,767.4 million. Driven by higher air-travel demand, total revenues increased 36.49% on a year-over-year basis.
Alaska Air Group, Inc. (ALK - Free Report) reported first-quarter 2023loss of 62 cents per share, wider than the Zacks Consensus Estimate of a loss of 48 cents. In the year-ago quarter, ALK incurred a loss of $1.33 per share.
ALK’s operating revenues of $ 2,196 million missed the Zacks Consensus Estimate of $2,202.5 million. The top line jumped 31% year over year, with passenger revenues accounting for 90.3% of the top line and increasing 31% owing to continued recovery in air-travel demand.
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Air Lease (AL) Surpasses Q1 Earnings & Revenues Estimates
Air Lease Corporation (AL - Free Report) first-quarter 2023 earnings of $1.06 per share surpassed the Zacks Consensus Estimate of $1.00 but declined on a year-over-year basis.
Total revenues of $636.1 million outpaced the Zacks Consensus Estimate of $633.5 million and jumped 6% year over year, owing to the continuous growth in the company’s fleet, partially offset by a decline at the end of lease revenues.
Air Lease Corporation Price, Consensus and EPS Surprise
Air Lease Corporation price-consensus-eps-surprise-chart | Air Lease Corporation Quote
Other Statistics
Revenues from the rental of flight equipment climbed 9% year over year to $617.77 million in the reported quarter. Revenues from aircraft sales, trading activity and other sources fell 38.9% from the year-ago quarter to $18.36 million.
Operating expenses rose 20.7% to $477.9 million.
As of Mar 31, 2023, Air Lease owned 437 aircraft with a net book value of $25.7 billion. The total fleet size at the end of the first quarter was 899 (including the owned fleet of 437) compared with 900 at the end of December 2022.
Liquidity
Air Lease exited the first quarter with cash and cash equivalents of $690.41 million compared with $766.41 million at December 2022-end. As of Mar 31, 2023, AL had $19.4 billion of debt financing and net of discount and issuance costs compared with $18.6 billion as of Dec 31, 2022.
Dividend Update
On Apr 28, 2023, Air Lease’s board of directors declared a quarterly cash dividend of 20 cents per share, payable on Jul 7, 2023, to shareholders of record as of June 6, 2023.
Currently, Air Lease carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performances of Other Transportation Companies
J.B. Hunt Transport Services, Inc.’s (JBHT - Free Report) first-quarter 2023 earnings of $1.89 per share missed the Zacks Consensus Estimate of $2.04 and declined 17.5% year over year.
JBHT’s total operating revenues of $3,229.58 million also lagged the Zacks Consensus Estimate of $3,434.4 million and fell 7.4% year over year. The downfall was due to declines in the volume of 25% in Integrated Capacity Solutions (ICS), 5% in Intermodal (JBI) and 17% in Final Mile Services (FMS), and a 17% decline in revenue per load in Truckload (JBT). Revenue declines in ICS, JBI, FMS and JBT were partially offset by Dedicated Contract Services revenue growth of 13%.
JBHT’s total operating revenues, excluding fuel surcharges, decreased 10.2% year over year.
Delta Air Lines’ (DAL - Free Report) first-quarter 2023 earnings (excluding 82 cents from non-recurring items) of 25 cents per share missed the Zacks Consensus Estimate of 29 cents. Volatile fuel prices and unfavorable weather conditions led to this downtick. DAL reported a loss of $1.23 per share a year ago, dull in comparison to the current scenario, as air-travel demand was not so buoyant then.
DAL reported revenues of $12,759 million, which missed the Zacks Consensus Estimate of $12,767.4 million. Driven by higher air-travel demand, total revenues increased 36.49% on a year-over-year basis.
Alaska Air Group, Inc. (ALK - Free Report) reported first-quarter 2023 loss of 62 cents per share, wider than the Zacks Consensus Estimate of a loss of 48 cents. In the year-ago quarter, ALK incurred a loss of $1.33 per share.
ALK’s operating revenues of $ 2,196 million missed the Zacks Consensus Estimate of $2,202.5 million. The top line jumped 31% year over year, with passenger revenues accounting for 90.3% of the top line and increasing 31% owing to continued recovery in air-travel demand.