Business
Willis Lease Finance Corporation Reports Third Quarter Pre-tax Income of $8.4 million
COCONUT CREEK, Fla., Nov. 02, 2022 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ: WLFC) today reported third quarter total revenues of $76.9
About this update from Willis Lease Finance Corporation
[{"type":"text","content":"COCONUT CREEK, Fla., Nov. 02, 2022 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ: WLFC) today reported third quarter total revenues of $76.9 million and pre-tax earnings of $8.4 million. For the three months ended September 30, 2022, aggregate lease rent and maintenance reserve revenues were $60.0 million and spare parts and equipment sales were $7.0 million. The Company reported increased total revenues in the third quarter when compared to the prior year period, primarily due to an increase in lease rent revenue. “Another strong quarter for our business,” said Austin Willis, the Company’s Chief Executive Officer. “The post COVID recovery is driving growth and profitability, however we remain watchful of macroeconomic and geopolitical risk.” “We have been building the business for years to deliver the programmatic solutions the industry is beginning to recognize as the preferred option in almost all cases,” said Brian R. Hole, President. “We will continue to innovate and support our customers’ efforts to navigate an environment that sprouts new challenges on a daily basis.” Third Quarter 2022 Highlights (at or for the periods ended September 30, 2022, as compared to September 30, 2021, and December 31, 2021): Lease rent revenue increased by $6.6 million, or 20.1%, to $39.5 million in the third quarter of 2022, compared to $32.9 million in the same quarter of 2021, primarily reflecting an increase in the number of engines acquired and placed on lease.Maintenance reserve revenue was $20.4 million in the third quarter of 2022, a decrease of 13.6% compared to $23.7 million in the same quarter of 2021. This decrease was due primarily to a reduction of $14.1 million in long-term maintenance revenue relative to the comparable period in 2021, which was offset by a quarter-over-quarter increase of $11.0 million in short-term maintenance reserve revenue, which is directly influenced by on lease engine flight hours and cycles.Spare parts and equipment sales increased to $7.0 million in the third quarter of 2022, compared to $5.1 million in the third quarter of 2021. The increase in spare parts sales was driven by improved industry wide demand for surplus material compared to the prior year period.Gain on sale of leased equipment was $0.9 million in the third quarter of 2022 reflecting the sale of two engines. Gain on sale o...