Air Lease Corporation (ALC) reports a 61% increase in net income to $39.8 million during the fourth quarter compared to a year earlier.
Revenue was up 65% to $190.1 million and expenses were up nearly 69% to $128.8 million in the quarter at the Los Angeles-based aircraft lessor. Adjusted net income was $48 million.
ALC's fleet grew by 13 aircraft to 155 during the quarter. It acquired three incremental aircraft, sold one and redeployed a 737-800 from a trouble carrier, it says.
"The young age of the highly desirable aircraft types in our globally diversified fleet continue to deliver strong results for our shareholders," says Steven Udvar-Hazy, chairman and chief executive of ALC, in a statement.
Full year net income was up 148% to $204 million in 2012 versus 2011. Revenues were up 95% to $655.7 million and expenses were up 78% to $451.8 million. Adjusted net income was $163.4 million.
ALC's fleet grew by 53 aircraft in 2012.