Air Lease Corp. earned a 2018 first-quarter net income of $110.6 million, up 30.3% compared to $84.9 million in the 2017 1Q. Revenues were up 5.8% year-over-year (YOY) to $381.2 million.

The California-based lessor credited the continuing robust growth of the global airline industry, despite continuing technical problems on several of the industry’s main engine types, for the positive results.

“We had another strong quarter of growth in revenues and earnings per share,” ALC CEO and president John Plueger reported. “We were also able to add nine aircraft to our industry-leading fleet and eight planes for future delivery. Global passenger growth remains strong, as do our financial metrics and forward lease placements.”

“The airline industry continues to perform well, with IATA forecasting another year of global industry profits in excess of $30 billion,” executive chairman Steven Udvar-Házy added.

“Supply chain delays and engine technical issues continue to have a short-term impact on new aircraft deliveries. As such, we continue to source aircraft opportunistically,” he said.

The company’s fleet grew 2.3% based on net book value of $13.6 billion at March 31, up $300 million compared to Dec. 31, 2017.

As of March 31, ALC’s fleet consisted of 253 owned aircraft, with a weighted-average age and remaining lease term of 3.9 years and 6.7 years, respectively. It also had 49 managed aircraft on its books.

During 1Q 2018, the US-based lessor took delivery of four aircraft from its order book, plus five incremental aircraft from the secondary market.

Alan Dron