Shares of Air Lease (NYSE: AL) gained 18.5% in August, according to data provided by S&P Global Market Intelligence, after the company reported quarterly results that indicated the business is holding up through the COVID-19 pandemic better than investors had feared.
Air Lease is in the business of buying planes and leasing them to airlines, boasting a portfolio of about 300 aircraft leased out to more than 200 airlines spread across 70 countries.
That's a tough business to be in this year, as the COVID-19 pandemic has caused demand for air travel to dry up and caused airlines to scramble to cut costs. Airlines are flying fewer planes and are going to vendors, including Air Lease, to try to get deferrals and rebates on planes they are flying.