Air Lease posts a profit of $24.8 million in 4th quarter

Aircraft-leasing operator Air Lease Corp. posted a profit of $24.8 million in the fourth quarter, reversing a loss in the same quarter last year, as the company acquired and leased more aircraft.

For the three months ended Dec. 31, the Los Angeles company’s net income amounted to 24 cents a share, compared with a loss of $2.7 million, or 4 cents a share, in the same quarter of 2010.

The profit beat Wall Street predictions. Analysts, on average, expected a profit of 21cents a share, according to Factset.

Revenue totaled $115.1 million and included $113.6 million in rental revenue, more than triple the $36.7 million posted in the fourth quarter of 2010. Total revenue for the year-ago quarter was $36.9 million. Analysts expected $113.4 million in revenue, on average.

Air Lease credited the better-than-expected results to the expansion of its fleet. The company added 23 aircraft during the quarter to bring its fleet total to 102. The company also entered into lease deals with four customers covering 34 aircraft.

For the full year 2011, Air Lease earned $53.2 million, or 59 cents a share, on revenue of $336.7 million.

In 2010, it lost $52 million, or $1.32 a share, on revenue of $58.4 million. The company was launched in the summer of 2010, so the year-ago results do not cover a full year.

Air Lease shares rose 55 cents, or 2.3%, to close Friday at $24.40.