Air Lease Corp., which went public in April, reported better-than-expected net income in the second quarter and said it will continue to increase its fleet of jetliners.
After the Thursday markets closed, the aircraft leasing firm founded by billionaire Steven Udvar-Hazy reported net income of $7 million (8 cents per share). Revenue rose 34 percent to $74.4 million.
Analyst surveyed by Capital IQ on average expected per-share profit of 6 cents on revenue of $72.4 million.
The company said it has plenty of liquidity and intends to continue with plans to increase its fleet to 100 aircraft by the end of the year. It acquired 16 aircraft during the quarter to bring its total to 65 jets.
“Despite current volatility in the marketplace, the aviation industry has entered a period of expansion and (Air Lease) is capitalizing on opportunities as market conditions evolve,” Udvar-Házy, the company’s chairman and chief executive, said in a statement.
Shares earlier closed up 90 cents, or 4.4 percent, to $21.30 on the New York Stock Exchange.
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