Aircraft lessor Willis Lease Finance reported a record annual pre-tax profit of $56.3 million, up from $36 million in 2017, including record total revenues of $348.3 million.
The company’s 2018 pre-tax results were driven by continued revenue growth in the core leasing business and an increase in spare parts and equipment sales. Aggregate lease rent and maintenance reserve revenues of $262.6 million were driven by high utilization of a lease portfolio that grew 24.6% to $1.673 billion at year-end.
“We are very pleased to have delivered strong performance across the Willis Lease Platform in 2018,” said Charles F. Willis, company chairman and CEO. “Our global client base is recognizing the value of our vertically integrated offering of core lease services, materials, fleet transition solutions, asset management and materials services.”
2018 highlights included:
As of December 31, 2018, Willis had a total lease portfolio consisting of 244 engines and related equipment, 17 aircraft and 10 other leased parts and equipment with a net book value of $1.673 billion.
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