Business
Record Results by Willis Lease Finance Corporation with Second Quarter Pre-tax Income of $57.9 million. Willis Declares First, Regular Quarterly Dividend of $0.25 Per Share.
COCONUT CREEK, Fla., Aug. 01, 2024 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ: WLFC) (“WLFC” or the “Company”) today reported record second
About this update from Willis Lease Finance Corporation
[{"type":"text","content":"COCONUT CREEK, Fla., Aug. 01, 2024 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ: WLFC) (“WLFC” or the “Company”) today reported record second quarter total revenues of $151.1 million and record quarterly pre-tax income of $57.9 million. The Company also announced its first regular quarterly dividend of $0.25 per share, expected to be paid on August 21, 2024, with a record holder date of August 12, 2024. For the three months ended June 30, 2024, aggregate, core lease rent and maintenance reserve revenues were at an all-time high of $118.8 million, up 32% as compared to $89.8 million in 2023. The growth was predominantly driven by core, recurring lease and maintenance revenues associated with a strong, resurging aviation marketplace, and airlines leveraging the Company’s leasing, parts and maintenance capabilities in order to avoid protracted engine shop visits. “We have been deliberate in the selection of engines and investment in our services businesses,” said Austin C. Willis, Chief Executive Officer. “This strategy has distinguished us as a value added lessor.” “Our financial results would not be possible without the tireless efforts of our employees,” said Brian R. Hole, President. “Their dedication to our customers and to the Company are what allow us to deliver our multi-faceted engine products and services with the speed and quality the Company’s position in the industry requires.” Second Quarter 2024 Highlights (at or for the period ended June 30, 2024, as compared to June 30, 2023 and December 31, 2023): Lease rent revenue was a record $55.9 million in the second quarter of 2024, an increase of 2.7%, compared to $54.4 million in the second quarter of 2023. During the three months ended June 30, 2024, we purchased equipment (including capitalized costs) totaling $258.8 million, which consisted of three aircraft, 11 engines, and other parts and equipment purchased for our lease portfolio. During the three months ended June 30, 2023, we purchased equipment (including capitalized costs) totaling $55.8 million, which consisted of nine engines and other parts and equipment purchased for our lease portfolio.Maintenance reserve revenue was a record $62.9 million in the second quarter of 2024, an increase of 77.6%, compared to $35.4 million in the same quarter of 2023, reflecting the high level of usage of our ass...