Willis Lease Finance reported pretax income grew 79.0% to $6.7 million in Q1/16 compared to $3.7 million in Q1/15. The company’s Q1/16 results include a $2.0 million non-cash write down due to the retirement of one engine for disassembly.

Net income for the first quarter increased 64.0% to $3.8 million from $2.3 million in Q1/15 and increased 26.7% from $3.0 million in Q4/15. Total revenue grew 18.1% to $50.6 million in Q1/16 from $42.8 million in the year-ago period.

We are continuing to see the benefit of the changes we have been implementing over the last 12 to 18 months and strong market conditions,” said Charles F. Willis, chairman and CEO.  “Our total portfolio utilization, which includes our consolidated subsidiary WEST II, remains strong.  We are divesting of underperforming assets and adding to the portfolio for both increased market demand and quality opportunities.”

“In addition, in April, we expanded our revolving credit facility from $700 million to $1 billion, including a $110 million accordion feature, so we are prepared to invest in high quality opportunities,” Willis continued.  “Our access to the banking and capital markets continues to be one of our core strengths.”

“Our leasing business continues to perform with utilization at 89.8% at the end of the first quarter, which is squarely within our target range,” said Brian R. Hole, president. “While utilization will remain subject to variability, we are benefitting from our ability to deliver lease engines through customer specific programs, which is a very distinct competitive advantage for our company. We also continue to actively trade assets, both airframes and engines, and have built a solid team focused on continuing to grow in this sector.”