Willis Lease Finance 2016 P/T Earnings Up 87.4% on Record Revenue



Willis Lease Finance reported pre-tax earnings for 2016 of $23.9 million, up 87.4% from $12.8 million in 2015, on record revenue of $207.3 million, up from $198.1 million the previous year. Net income attributable to common shareholders for 2016 was $13.8 million compared to $6.5 million, or $0.81 per diluted share in 2015.

The following 2016 highlights were excerpted from the news release:

  • Pre-tax earnings increased 87.4% to $23.9 million in 2016, up from $12.8 million in 2015.
  • Average utilization in the fourth quarter was sustained at 92% up from 91% reported for the year ago period.
  • Total revenues grew 4.7% to $207.3 million in 2016, fueled primarily by a growing lease portfolio, higher portfolio utilization and rising lease rates.
  • Lease rent revenues grew 11.0% to $119.9 million and 8.0% to $31.2 million for the full year and fourth quarter of 2016, respectively.
  • The equipment portfolio grew 2.5% in 2016 to $1.137 billion from $1.109 billion a year ago.
  • The company purchased $149 million of equipment in 2016 as compared to $171 million in 2015.

“I am very pleased that on a pre-tax basis our financial performance in 2016 was our most profitable since 2009,” said Charles F. Willis, chairman and CEO. “Our fourth quarter and full year results reflect a combination of improved utilization, growth in the lease portfolio and the continued effective management of our assets all contributing to record total revenues of over $207 million. We also broadened our sources of equity through the issuance of preferred equity, which will serve our growth plans well.”

“In addition to delivering solid financial results, the company achieved a number of objectives in 2016 that position us well for the future,” said Brian R. Hole, president. “We amended both of our principal debt facilities, improving the flexibility and capacity of our ability to borrow and to manage our portfolio. We also formed Willis Asset Management Limited to purchase the consultancy business of Total Engine Support Limited and we now own and manage almost 800 engines, making us the largest independent owner and manager of engines in the world. We expect that the capabilities of the people and systems at WAM will help us develop and deliver cutting edge programs for our customers.”


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