Engine lessor Willis Lease Finance Corporation (WLFC) reported record revenues and pre-tax profits for the second quarter of the year.
Revenues were up 29.4% to $195.5 million, while pre-tax income was up 28.3% to $74.3 million. Lease rent revenue increased 29.4% to $72.3 million. Net income improved 41.8% to $60.4 million.
“Quarter two was WLFC's strongest quarter ever,” said WLFC CEO Austin Willis. “Even when adjusting for unique events on both the revenue and expense side, the underlying performance of the business, demonstrated by record lease revenues, increased utilisation and solid recurring reserves, was exceptional.”
The company's income from operations fell 47.7% to $28.3 million. In addition, Willis Lease recorded a $43 million gain on sale of aviation consultancy business Bridgend Asset Management to Willis Mitsui & Company Engine Support (WMES) joint venture. Spare parts and equipment sales of $30.4 million, an increase of $24.2 million.
Total expenses were up 72.3% to $167.2 million in the quarter.