Air leasing revenue rises as the travel boom boosts demand for aircraft | Tech US News

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(Reuters) – Aircraft lessor Air Lease Corp on Thursday reported a rise in third-quarter revenue, helped by strong demand from airlines looking to expand their fleets to take advantage of a travel boom.

Airlines are increasingly opting to lease new and new planes from lessors to make up for delays in the delivery of planes from Boeing Co and Airbus SE. The Los Angeles-based leasing giant, which has a $28 billion order backlog with plane makers, said in August that the company would review progress payments it makes to Boeing and Airbus as deliveries fall behind of airplanes Still, the shortage of aircraft has pushed up lease rates in a boost to aircraft lessors such as Air Lease.

The company reported net income of $99.96 million, or 90 cents per share, compared with a profit of $100.01 million, or 87 cents per share, a year earlier.

Revenue rose to $561.3 million in the three months ended Sept. 30, up from $524.5 million a year earlier.

(Reporting by Aishwarya Nair in Bangalore; Editing by Shinjini Ganguli)

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