Air Lease Pens $300M Deal For Five 737 Aircraft With Royal Air Maroc

Air Lease Corp AL inked a long-term lease contract worth $300 million with Royal Air Maroc (RAM) for five 737 aircraft.

The deal includes four new Boeing Company BA 737-8s and one 737-800, which is expected to deliver to the Moroccan flag carrier in 2024 from ALC's order book with Boeing. 

"ALC is pleased to announce this lease placement for five Boeing 737 aircraft with Royal Air Maroc. We look forward to building our long-term relationship with RAM as they continue to modernize their fleet and grow their network, as well as maximize their competitive advantage with the most fuel-efficient aircraft in the market," said Steven F. Udvar-Házy, Executive Chairman. 

Earlier this month, Air Lease reported Q2 EPS of $1.58, beating the consensus of $1.09, and sales of $672.90 million, surpassing the consensus of $657.68 million.

As of June 30, 2023, cash and equivalents stood at $580.5 million.

Price Action: AL shares traded higher by 0.27% at $40.97 on the last check Wednesday.