Business
Willis Lease Finance Corporation Reports Annual Pre-tax Profit of $17.3 million
COCONUT CREEK, Fla., March 15, 2021 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ: WLFC) today reported annual total revenues of $288.7 million
About this update from Willis Lease Finance Corporation
[{"type":"text","content":"COCONUT CREEK, Fla., March 15, 2021 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ: WLFC) today reported annual total revenues of $288.7 million and pre-tax profit of $17.3 million for the year ended December 31, 2020. The Company reported lower revenue in 2020 when compared to the prior year, primarily due to the impact of the COVID-19 pandemic. The slowdown in global travel has led to a reduction in aircraft and engine utilization as well as a reduction in demand for aircraft and engine spare parts which keep airline fleets in operation. For the year ended December 31, 2020, aggregate lease rent and maintenance reserve revenues were $248.3 million and spare parts and equipment sales were $18.6 million. “The COVID-19 pandemic obviously has had a dramatic impact on global travel and the aircraft and aircraft engine lessors, including our Company, have felt the effects of the slowdown,” said Charles F. Willis, Chairman and CEO. “We have worked hard this year to protect our own liquidity, focus on our customers and invest in new technology equipment, which we believe has positioned the Company well for continued growth and the industry’s eventual emergence from this crisis.” “The entire industry has suffered as a result of the pandemic-driven disappearance of air travel, but we are proud of the way we have navigated this crisis and the way our employees have delivered for our shareholders and our customers,” said Brian R. Hole, President. “This Company has a long track record of innovating and fighting through cycles and we are excited for the opportunity to continue that trend now.” 2020 Highlights (at or for the year ended December 31, 2020, as compared to December 31, 2019): Total revenue was $288.7 million in 2020, a 29.4% decrease when compared to $409.2 million in the prior year.Lease rent revenue was $142.9 million in 2020.Maintenance reserve revenue was $105.4 million in 2020, a decrease of 3.3% compared to $109.0 million in 2019. Long term maintenance reserve revenue, which is influenced by end of lease compensation, increased to $87.7 million in 2020, compared to $37.6 million in the prior year. Short term maintenance reserve revenue, which is influenced by our customers' usage of assets we lease to them, was $17.7 million in 2020 compared to $71.4 million in the prior year.Spare parts and equipment sales w...