Jet engine lessors Willis Lease Finance Corporation has reported second quarter 2014 net income of $2.2 million, or $0.27 per diluted share, compared to $9.7 million, or $1.17 per diluted share, in the second quarter of 2013, and $4.3 million, or $0.53 per diluted share, in the first quarter of 2014.
Earnings for the second quarter of 2013 were increased by a one-time $8.6 million tax benefit related to a reduction in the company’s deferred tax liability, and higher than normal earnings from joint ventures due to the recording of $3.4 million of maintenance reserve revenue related to the termination of aircraft leases within the WOLF joint venture.
Willis Lease CEO Charles F. Willis said: “Our core earnings have shown considerable improvement this year compared to last year, with pretax income growing 88% in the second quarter and increasing 128% in the first half of the year. We continue to build a dynamic business model that has demonstrated long-term vibrancy through multiple market cycles.”
Willis Lease Finance reports Q2 income
