Willis Lease Finance reported first quarter 2014 net income was $4.3 million, compared to $1.6 million in the first quarter of 2013. The company noted total revenue of $43.0 million was up from $35.3 million a year earlier.

“Our year is off to a good start, with first quarter profits more than double the earnings we generated in the first quarter a year ago,” said Charles F. Willis, chairman and CEO. “All of our revenue categories exhibited sizable increases in the quarter except for gain on sale. We reported an impressive increase in our first quarter lease rent revenue, which is up nearly 10% year over year. Together with growth in the lease portfolio, improved utilization was a significant contributor to this healthy increase, reaching a three year high of 89% in January 2014. Since the middle of last year we were able to generate consecutive increases in utilization in six out of eight months.”

Highlights from the news release include:

• Total revenues increased 21.8% to $43.0 million in 1Q14 from $35.3 million in 1Q13 with increases recorded in all revenue line items except Gain on Sale.
• Lease rent revenues increased 9.9% year-over-year, reflecting higher average portfolio utilization and an increase in the average size of the lease portfolio.
• Liquidity under the revolving credit facility was $101 million at quarter end, up from $83 million a year ago.

To read the entire Willis Lease Finance news release, click here.