Air Lease Corporation (AL) has provided a gratifying peek into its aircraft investments, sales, and financing-related activities for the fourth quarter of 2023.
As of December 31, 2023, Air Lease’s fleet boasted 463 owned aircraft and 78 managed aircraft. The company had also committed to purchasing 334 aircraft from aerospace giants Boeing and Airbus for delivery through 2029.
During the period, Air Lease delivered 22 new aircraft from its order book which included a mix of Airbus and Boeing models. Additionally, the company disposed of seven aircraft to third-party buyers. The total aircraft investments during this quarter amounted to a substantial $1.2 billion.
With such encouraging fleet growth numbers, investors eagerly anticipate Air Lease’s fourth-quarter 2023 earnings report, scheduled to be released on February 15, after the market closes. Notably, Air Lease’s shares have witnessed a commendable 9.9% surge over the past three months, despite the industry’s robust 17.5% growth.
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A Look at Zacks Rank and Stocks to Consider
Currently, AL bears a Zacks Rank #5 (Strong Sell). For investors keen on the Zacks Transportation sector, better-ranked stocks such as Ryanair Holdings (RYAAY) and SkyWest (SKYW) offer promising opportunities.
RYAAY, currently sporting a Zacks Rank #2 (Buy), is benefitting from a vibrant air-traffic scenario post-Covid. With an 11% growth in traffic during the first half of fiscal 2024, and a whopping €2.18 billion profit after tax in the same period, Ryanair is buoyant about its fiscal 2024 traffic expectations of 183.5 million.
Meanwhile, SKYW‘s praiseworthy fleet modernization endeavors and shareholder-friendly initiatives contribute to its current Zacks Rank #1 (Strong Buy). As an additional testimony to its prospects, the Zacks Consensus Estimate for 2024 earnings has escalated by 3.5% in the past 60 days.
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Ryanair Holdings PLC (RYAAY) : Free Stock Analysis Report
Air Lease Corporation (AL) : Free Stock Analysis Report
SkyWest, Inc. (SKYW) : Free Stock Analysis Report
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The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
