LOS ANGELES (AP) ? Air Lease Corp. said Thursday that second-quarter profit soared fourfold, as the company reported stable demand for leased aircraft despite economic uncertainty in Europe and a potential slowdown in China.
The company is trying to take advantage of airlines' interest in newer, more fuel-efficient planes.
In the second quarter Air Lease expanded its fleet to 137 aircraft from 114 on March 31. It announced it had placed 18 new planes with China Southern Airlines and 13 with Air China. It expects strong demand for Boeing's upcoming 737 Max, a more efficient version of the 737 that is due out in 2015.
Net income was $28.2 million, or 28 cents per share, compared with $7 million, or 8 cents per share, a year earlier.
Revenue more than doubled to $158.2 million.
Analysts expected the company to earn 26 cents per share on revenue of $149.9 million, according to FactSet.
The shares fell 13 cents to close at $21.
Source: http://news.yahoo.com/air-lease-2q-profit-rises-fourfold-215904003--finance.html
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