Air Lease Corp., the aircraft leasing company started last year by Los Angeles billionaire Steven Udvar-Hazy, reported a profit for the third quarter, citing strong demand for its aircraft amid airline expansion in many regions of the world.
The Century City company reported late Thursday that net income for the three-month period ended Sept. 30 came to $18.3 million, or 18 cents a share. Analysts had expected a profit of 15 cents a share. Revenue totaled $92.1 million.
Air Lease bought 14 planes during the quarter and now has a fleet of 79 aircraft. The company plans to expand to about 100 planes by the end of the year.
"Passenger airline growth in many regions of the world continues at a strong rate, coupled with the requirement on the part of all carriers to constantly push toward newer and more efficient fleets," Udvar-Hazy, the company's chief executive, said in a statement. "As such, global demand for new aircraft remains strong, and our lease placements and portfolio returns are in line with our expectations."