Air Lease exceeds expectations, anticipates increased demand due to Airbus delays.

(Reuters) -Aircraft lessor Air Lease said on Thursday it expects more demand opportunities from potential delivery delays at Airbus due to Pratt & Whitney engine issues, which could further boost its lease rates.

Airlines looking to cash in on a surge in global travel have been struggling with limited supply‌ of jets and are increasingly turning to lessors to augment their capacity.

Higher lease rates‍ helped Air ‍Lease ‍post ⁢better-than-expected results for the quarter through June,‌ sending its shares up 2.66%‍ after the bell.

“We are watching Airbus deliveries carefully in the face of RTX’s announcement on manufacturing ‍defects on certain of its gear ⁣turbofan engines,”⁤ CEO John Plueger said on an investor call.

Last week, the company had also received a further incremental delay ‍notice from Boeing on its MAX deliveries.

The fleet of​ Air Lease comprised‍ 448 owned aircraft and‌ 80 managed aircraft as of ⁣June 30,‍ with 359 new planes on order from Boeing and Airbus set to deliver through 2029.

It reported a profit of $1.10 per share for the second quarter, beating ​analysts’ average estimate of $1.07, according to⁤ Refinitv data.

The lessor also expects record global temperatures to add further environmental pressure on airlines to replace older planes, positioning it to⁢ capture the strong demand.

Revenue rose ‌20.7% to $672.9 million in the quarter and beat expectations of $660.3 million.

(Reporting by ⁣Shivansh Tiwary in Bengaluru; Editing ⁣by Arun Koyyur)

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