Willis Lease Finance Corporation on May 4 reported first quarter 2023 revenues of $89.5 million and pre-tax earnings of $6.8 million.
Aggregate lease rent and maintenance reserve revenues were $76.7 million and spare parts and equipment sales were $5.1 million.
Lease rent revenue increased by $15.1 million, year-on-year (y/y), or 39.6%, to $53.2 million - mainly "due to an increase in the number of engines acquired and placed on lease".
Maintenance reserve revenue was $23.5 million in the first quarter of 2023, an increase of 58.4%.
“Another strong quarter for the company and a dramatic comparison to the comparable period in 2022 that was negatively impacted by the Russian/Ukrainian conflict,” said Austin Willis, chief executive.
The strength of our leasing business which is clearly demonstrated through lease rent and maintenance reserve revenues speaks to the continued recovery of the sector," Willis said.