Aircastle (NYSE: AYR - News) soared after beating estimates to cap off airplane leasing earnings season.

Stamford, Connecticut-based Aircastle reported its earnings this morning, topping expectations for earnings per share and revenue. Adjusted net income for the second quarter was $26.9 million or 34 cents a share on $136.9 million in revenue. All of the company's aircraft were on lease at the end of the quarter, but CEO Ron Wainshal said the company expects the lease market to "remain challenging through the winter." Shares are up by 20%, leading the airplane leasing sector on a strong rally to end the week.

As a whole, the Airplane Leasing Stocks Index is up by 7.2% today. It has now outperformed the S&P 500 by 16.7% over the last month.

AerCap Holdings (NYSE: AER - News) reported a -12% decline in second-quarter revenue before the bell yesterday. The company earned $56.6 million or 67 cents a share during the period, down from $68.6 million or 81 cents a year ago. However, after adjusting for certain items, EPS came to 46 cents for the quarter. Investors were happy with the report, and the stock is adding another 6% to its 19% weekly rally.

Babcock & Brown Air (NYSE: FLY - News) also pleased the Street yesterday, reporting $14 million of net income in the second quarter. Earnings per share were 46 cents, up from 33 cents in Q2 2008. Chief executive Colm Barrington noted that "all but one aircraft was on lease during the quarter," but remained cautious for the remainder of the year. He continued, "we continue to monitor our lessees very carefully as many airlines are facing liquidity problems as a result of the current declines in global air traffic and yields." The stock is on pace to end the week up 18%.

Genesis Lease Limited (NYSE: GLS - News) reported its second-quarter performance figures on July 30. The company lags its peers over the last week despite a 9% gain for the period. Earnings per share came in at 19 cents in Q2, a nickel below estimates. Genesis CEO John McMahon praised the company's balance sheet in a press release, "Genesis had a healthy financial position at the quarter-end with more than $66 million of unrestricted cash, significant credit capacity and no immediate refinancing requirements."