Willis Lease Finance, a lessor of commercial jet engines, reported a 66% year-over- year increase in first quarter net income and an 89% increase in net earnings applicable to common shareholders. Net income increased to $5.1 million in the first quarter of 2011, up from $4.0 million in the fourth quarter of 2010 and $3.1 million in the first quarter a year ago. After payment of preferred dividends, net income available to common shareholders was $4.3 million or $0.47 per diluted common share, up from $3.2 million or $0.35 per diluted common share in the fourth quarter of 2010, and $2.3 million or $0.24 per diluted share in the first quarter a year ago.

Other Q1/11 highlights included:

The lease portfolio increased 3% year-over-year to $998.9 million, with 9 engines purchased and 3 engines sold during the first quarter. Of the purchases, 5 engines were lower cost turboprop engines.

Average utilization for the quarter was 89%, consistent with the prior quarter and up from 85% in the first quarter of 2010. Utilization dropped at the end of the quarter to 85% compared to 90% at the end of the prior quarter and 85% a year ago.

To read the full press release click here.