Willis Lease Finance reported annual total revenues of $288.7 million and pre-tax profit of $17.3 million for the year ended Dec. 31, 2020. The company reported lower revenue in 2020 when compared with 2019, primarily due to the impact of the COVID-19 pandemic. The slowdown in global travel has led to a reduction in aircraft and engine utilization as well as a reduction in demand for aircraft and engine spare parts that keep airline fleets in operation. For the year ended Dec. 31, 2020, aggregate lease rent and maintenance reserve revenues were $248.3 million and spare parts and equipment sales were $18.6 million for Willis Lease Finance.
“The COVID-19 pandemic obviously has had a dramatic impact on global travel, and the aircraft and aircraft engine lessors, including our company, have felt the effects of the slowdown,” Charles F. Willis, chairman and CEO of Willis Lease Finance, said. “We have worked hard this year to protect our own liquidity, focus on our customers and invest in new technology equipment, which we believe has positioned the company well for continued growth and the industry’s eventual emergence from this crisis.”
“The entire industry has suffered as a result of the pandemic-driven disappearance of air travel, but we are proud of the way we have navigated this crisis and the way our employees have delivered for our shareholders and our customers,” Brian R. Hole, president of Willis Lease Finance, said. “This company has a long track record of innovating and fighting through cycles and we are excited for the opportunity to continue that trend now.”
As of Dec. 31, 2020, Willis Lease Finance’s $1.887 billion of equipment held for operating lease portfolio and $158.7 million notes receivable represented 291 engines, eight aircraft, one marine vessel, and other leased parts and equipment. As of Dec. 31, 2019, the company’s $1.651 billion of equipment held for operating lease portfolio and $38.1 million notes receivable represented 263 engines, 12 aircraft, one marine vessel, and other leased parts and equipment.
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