Willis Lease Finance Swings to Q3 Profit



Willis Lease Finance reported Q3/14 net income of $1 million compared to a net loss of $2.2 million in Q3/13. The loss in the year ago period included $4.3 million of non-cash write-downs.

Willis said in the first nine months of 2014, net income was $7.5 million compared to $9.1 million in the first nine months of 2013. Earnings in the year ago period were positively impacted by a one-time $8.6 million tax benefit related to a reduction in the company’s deferred tax liability.

“We continue to position our business for the future, with a special emphasis on the launch of our newest joint venture in China, CASC Willis Engine Leasing Company. This ground-breaking joint venture with China Aviation Supplies Import & Export Corporation Limited (“CASC”) is making solid progress on new business opportunities even in advance of the grand opening ceremony scheduled for November 7,” said Charles F. Willis, chairman and CEO.

The company noted that its lease rent revenues dropped 2.4% in the third quarter to $25.2 million, compared to the year ago quarter, primarily due to lower portfolio utilization. Average utilization in the current quarter was 82% compared to 84% in the third quarter of 2013.

Lease rent revenues increased year-to-date by 2.5% to $76.9 million, as the average size of the lease portfolio increased compared to the prior year.

At September 30, 2014, Willis Lease had 196 commercial aircraft engines, five aircraft parts packages and four aircraft and other engine-related equipment in its lease portfolio, with a net book value of $1.006 billion, compared to 194 commercial aircraft engines, four aircraft parts packages and four aircraft and other engine-related equipment in its lease portfolio, with a net book value of $1.016 billion, a year ago.


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