Business
Willis Lease Finance Corporation Reports Third Quarter Pre-tax Profit of $6.0 million
COCONUT CREEK, Fla., Nov. 02, 2020 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ: WLFC) today reported third quarter total revenues of $70.6
About this update from Willis Lease Finance Corporation
[{"type":"text","content":"COCONUT CREEK, Fla., Nov. 02, 2020 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ: WLFC) today reported third quarter total revenues of $70.6 million and pre-tax profit of $6.0 million. The Company reported lower revenue in the third quarter of 2020 as compared to the prior year period, 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 third quarter of 2020, aggregate lease rent and maintenance reserve revenues were $62.3 million and spare parts sales were $2.9 million. “We are pleased to have produced $6.0 million of pre-tax profit in the third quarter as we manage through the substantial impact the pandemic continues to have on our industry,” said Charles F. Willis, Chairman and CEO. “We are working closely with our global customers and partners to develop and provide capital solutions in an evolving marketplace. I believe that our liquidity, and ability to provide unique customer solutions in trying times will position the Company well for the eventual recovery and beyond.\" “The fear of COVID-19 and related government travel restrictions continue to deprive airlines of a flying public,” said Brian R. Hole, President. “But as our customers begin to settle into the pandemic-affected landscape, we believe our multi-faceted role in providing liquidity options for airlines, helping them reduce costs by avoiding maintenance spend and also assisting their efforts to plan for the future will become even more important.” Third Quarter 2020 Highlights (at or for the periods ended September 30, 2020, as compared to September 30, 2019, and December 31, 2019): Total revenue was $70.6 million in the third quarter of 2020, a 41.3% decrease when compared to $120.4 million in the same quarter of 2019.Lease rent revenue was $30.0 million in the third quarter of 2020.Maintenance reserve revenue was $32.3 million in the third quarter of 2020, a decrease of $6.9 million, or 17.5%, compared to $39.2 million in the same quarter of 2019. Long term maintenance reserve revenue, which is influenced by end of lease compensation, increased to $30.6 million for the third quarter of 2020, compared to $19.9 million in the comparable prio...