Willis Lease Finance reported 2017 pre-tax income of $36.0 million was up 50.4% from $23.9 million a year earlier as total 2017 revenue of $274.8 million was up 32.6% from $207.3 million in 2016.

The following highlights were excerpted from the news release:

• Willis noted the positive tax effects of the Tax Cuts and Jobs Act of 2017 contributed $43.6 million to its 2017 after-tax income.
• Equipment held on operating lease, net of depreciation at year-end 2017 was $1,343 billion, up 18.1% from $1,137 million a year earlier.
• Spare parts and equipment sales of $51.4 million in 2017 were up 189.2% or $33.6 million from $17.8 million a year earlier.

“2017 was our most profitable year on a pre-tax basis since 2008, with record revenues,” said Charles F. Willis, chairman and CEO. “Utilization of our lease portfolio remains high due in part to robust maintenance activity on engine types we support, including some older engine types many thought would have been retired long ago. Last year was also important for us from a capital perspective as we were successful in closing our WEST III asset backed securitization and a second round of preferred equity.”

“As we have said before, we believe our platform differentiates us and our varied business areas delivered for our customers and, consequently, for us in 2017,” said Brian R. Hole, president. “In addition to our core leasing business, our trading, asset management and spare parts businesses performed well and continue to become more useful for our customers. We will continue to actively manage and grow our leasing portfolio and find new ways to create value for our growing customer base.”