Business
Willis Lease Finance Corporation Reports Annual Pre-tax Profit of $88.9 million
COCONUT CREEK, Fla., March 11, 2020 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ: WLFC) today reported annual total revenues of $409.2 million
About this update from Willis Lease Finance Corporation
[{"type":"text","content":"COCONUT CREEK, Fla., March 11, 2020 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ: WLFC) today reported annual total revenues of $409.2 million and pre-tax profit of $88.9 million for the year ended December 31, 2019. The Company’s 2019 pre-tax results were driven by continued leasing revenue growth as well as gains associated with the active management of its portfolio. Aggregate lease rent and maintenance reserve revenues were $299.7 million for 2019. The Company's results also include $18.2 million of non-cash write downs.\n “2019 was a great year for our business as evidenced by our exceeding $400 million of revenue and $88.9 million of earnings before tax,” said Charles F. Willis, Chairman and CEO. “There is obvious volatility in the global markets, generally, but we believe the Company is well positioned to continue to build market share and grow customer relationships by leveraging our in-demand portfolio of lease assets and continuing to focus on delivering unique customer solutions.” “We are very proud of what our teams accomplished in 2019, but given the macro issues facing our industry, obviously now is no time to rest on last year’s performance,” said Brian R. Hole, President. “We believe the Willis Platform™ can deliver the most value in a stressed environment when our customers are raising or conserving cash and looking for ways to reduce engine expense, or avoid it altogether, by leveraging our balance sheet, existing engine portfolio, surplus material and overall power plant management capabilities.” 2019 Highlights (at or for the year ended December 31, 2019, as compared to December 31, 2018): Total revenue increased by 17.5% to $409.2 million in 2019 compared to $348.3 million in 2018.Lease rent revenue was $190.7 million in 2019; 8.6% growth from $175.6 million in 2018.Maintenance reserve revenue was $109.0 million in 2019, an increase of 25.3% compared to $87.0 million in 2018. Long term maintenance reserve revenue increased to $37.6 million in 2019, compared to $23.3 million in the prior year.Spare parts and equipment sales were $74.7 million in 2019, compared to $71.1 million in 2018.Gain on sale of leased equipment was $20.0 million in 2019, reflecting the sale of 16 engines, seven aircraft, four airframes and other related equipment from the lease portfolio, compared to $6.9 million in 2018...