Jet engine lessor Willis Lease Finance reported quarterly pretax income of $5.8 million in Q2/16, up $6.7 million compared to Q2/15 pretax income. Net income for the second quarter increased by $3.9 million to $3.4 million from $0.5 million in Q2/15. Earnings in the second quarter included a $1.9 million non-cash charge associated with the write down of an engine that will be retired at lease expiration. Total revenue in Q2/16 of $49.6 million was up 13.3% from $43.8 million a year earlier.

“The core leasing business continues to perform well, benefitting from strong demand for many of the engine types in our portfolio,” said Charles F. Willis, chairman and CEO. “Our 90% plus utilization, which is always subject to fluctuation, has also allowed us to more appropriately price our products and services.”

“We continue to focus on driving margin within the business, as we position ourselves for the future,” said Brian R. Hole, president. “With up to $1.0 billion in available credit from our newly amended revolving credit facility, as well as other capital markets alternatives available to the company, we are actively pursuing opportunities to grow our leasing portfolio and diversify sources of revenue. This includes continuing to transition our subsidiary, Willis Aero, into a full scale end-of-life solutions provider and accelerating efforts to market our new business line providing industry leading technical services to customers around the world.”