AL - Air Lease surges on 3Q earnings beats

Air Lease (AL +11.6%) is trading higher after easily beating 3Q earnings and revenue estimates. Total revenues grew 6.3% Y/Y to $524.5M. The growth was driven by the continued growth in fleet as well as an increase in cash collections. The company generated its highest quarterly rental revenue since its inception, recording $520M in rental revenue during the third quarter. Owned fleet grew by 8.5% to a net book value of $22.1B as of September 30, 2021 compared to $20.4B as of December 31, 2020. The fleet comprised 370 aircraft in operating lease portfolio as of September 30, 2021. Air Lease ended the quarter with $29.1B in committed minimum future rental payments. Adjusted diluted EPS came at $1.28, down 12.9 Y/Y but topping estimates. The company also announced a 15.6% increase in quarterly dividend. CEO update: "Benefiting from an improving airline industry, we had a good quarter, including record high

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Air Lease surges on 3Q earnings beats