Willis Lease Finance reported Q2/20 total revenues of $75 million and pre-tax profit of $9.7 million. The company reported lower revenue in Q2/20 than the prior year period due primarily to the impact the COVID-19 pandemic has had on the aviation industry, generally leading to reduced revenues in the core leasing business. Aggregate lease rent and maintenance reserve revenues were $68.4 million for the quarter.
“We are pleased to have maintained profitability in the second quarter, with $9.7 million of reported pre-tax income, given the unprecedented impacts the COVID-19 pandemic has had on our industry,” Charles F. Willis, chairman and CEO of Willis Lease Finance, said. “As we have from the beginning of this event, we are working closely with our global customer base to provide tailored lease and service solutions while also maintaining a focus on the strength of our own balance sheet and liquidity.”
“At this point, our customers are fighting to survive what essentially has been the disappearance of a flying public,” Brian R. Hole, president of Willis Lease Finance, said. “We believe we are well-positioned, though, to support the recovery by leveraging our entire platform from available financing, hundreds of lease engines and aircraft, technical services, aircraft storage and maintenance, surplus material and a multitude of specialized programs, all of which are designed to drive out cost and help our customers return to profitability.”
Highlights From Q2/20
As of June 30, 2020, Willis Lease Finance’s $1.654 billion equipment held for operating lease portfolio consisted of 264 engines, 10 aircraft and 11 other leased assets. As of December 31, 2019, the company’s $1.651 billion equipment held for operating lease portfolio consisted of 263 engines, 10 aircraft and 11 other leased assets.
Willis Lease Finance leases large and regional spare commercial aircraft engines, auxiliary power units and aircraft to airlines, aircraft engine manufacturers and maintenance, repair and overhaul providers in 120 countries.
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