Business
Willis Lease Finance Corporation Reports Second Quarter Pre-tax Income of $11.0 million
COCONUT CREEK, Fla., Aug. 04, 2022 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ: WLFC) today reported second quarter total revenues of $78.1
About this update from Willis Lease Finance Corporation
[{"type":"text","content":"COCONUT CREEK, Fla., Aug. 04, 2022 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ: WLFC) today reported second quarter total revenues of $78.1 million. For the three months ended June 30, 2022, aggregate lease rent and maintenance reserve revenues were $60.9 million and spare parts and equipment sales were $6.8 million. The Company reported increased total revenues in the second quarter when compared to the prior year period, primarily due to an increase in lease rent revenue and short-term maintenance revenue. “Second quarter pre-tax profit of $11.0 million speaks to the strength of the underlying business and represents the beginnings of a recovery post a first quarter, heavily influenced by the Russian crisis,” said Austin C. Willis, the Company’s Chief Executive Officer. “We are pleased with our second quarter results and our team’s efforts to recover the Company from the impacts of the pandemic, Russia’s decision to confiscate our engines and rising interest rates,” said Brian R. Hole, President. “We continue to believe that our programmatic offerings will be the difference for customers working to optimize capacity at a time when both new equipment production and maintenance are facing historic difficulties and delay.” Second Quarter 2022 Highlights (at or for the periods ended June 30, 2022, as compared to June 30, 2021, and December 31, 2021): Lease rent revenue increased by $4.3 million, or 13.2%, to $36.7 million in the second quarter of 2022, compared to $32.4 million in the same quarter of 2021, primarily reflecting an increase in the number of engines placed on lease as supported by an increase in utilization compared to the prior year period.Maintenance reserve revenue was $24.2 million in the second quarter of 2022, an increase of 40.3% compared to $17.3 million in the same quarter of 2021. Long-term maintenance revenue, which is influenced by end of lease compensation and the realization of long-term maintenance reserves associated with engines coming off lease, increased to $15.1 million for the second quarter of 2022, compared to $14.8 million in the comparable prior period. Short-term maintenance reserve revenue, which is directly influenced by on lease engine flight hours and cycles, increased to $9.2 million for the second quarter of 2022, compared to $2.5 million in the comparable prior period...