Air Lease Corporation (AL, Financial) (AL - $44.42 – NYSE) is a leading lessor of commercial aircraft to airlines around the world. While COVID-19-related travel restrictions and related lower leisure and business travel demand have made life very difficult for Air Lease's customers, the company has been partially insulated from the challenges they face. Its fleet of newer, modern aircraft remain desirable so airlines have continued to keep them in service and pay their leases. This is not to say that customer financial restructurings and delayed deliveries of new aircraft from Boeing and Airbus have not created challenges, only that the company has done a good job of managing these headwinds. Air Lease shares benefitted in the fourth quarter from a solid third quarter earnings report and an improving outlook for a 2021 recovery driven by the success of coronavirus vaccines in clinical trials.
From Keeley Asset Management Corp (Trades, Portfolio)'s Small-Mid Cap Value Fund fourth-quarter 2020 shareholder commentary.
