Willis Lease Finance reported that following a $3.1 million non-cash write-down related to the part-out of a wide-body aircraft engine, its Q2/15 net loss was $0.5 million compared to net income of $2.2 million in Q2/14 and net income of $2.3 million in Q1/15.
For the first six months of 2015, net income was $1.8 million compared to $6.5 million for the first half of 2014.
“The second quarter loss, following the $3.1 million non-cash write-down, overshadowed several other very positive performance results,” said Charles F. Willis, chairman and CEO. “During the second quarter, we continued to improve our portfolio utilization rate. We began the quarter at 83% and by the end of the quarter the rate had increased to 87%. Since most of the new lease activity occurred in the latter part of the quarter, we didn’t pick up the full financial impact of our improving utilization rate in the period. Demand for leased engines is strong across all major engine types. The oversupply issues for certain engine types that had existed in the market over the last several years seem to have largely abated.”
The following highlights were excerpted from the news release:
Access the full realease from Willis here.
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