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Willis Lease Finance Corporation Reports Record Second Quarter 2025 Financial Results
Globenewswire· 2025-08-05 10:30
Core Insights - The company reported record pre-tax income of $74.3 million and record quarterly revenue of $195.5 million for Q2 2025, marking a 29.4% increase from $151.1 million in Q2 2024 [1][3][8] Financial Performance - Total revenue for Q2 2025 was $195.5 million, up 29.4% from $151.1 million in Q2 2024 [3][8] - Core lease rent and maintenance reserve revenues totaled $123.0 million, a 4% increase from $118.8 million in the same period last year [3] - Lease rent revenue reached $72.3 million, reflecting a 29.4% increase [8] - Maintenance reserve revenue was strong at $50.7 million, with short-term recurring maintenance reserve revenue up 9.5% [8] - Spare parts and equipment sales surged to $30.4 million, a significant increase from $6.2 million in Q2 2024, representing a 390.7% growth [5][8] Operational Highlights - The company generated $50.2 million in short-term maintenance revenues from engines on lease with "non-reimbursable" usage fees, up 9.5% from $45.9 million in Q2 2024 [4] - The gain on sale of leased equipment was $27.6 million, compared to $14.4 million in Q2 2024, marking a 91.2% increase [6][8] - The company sold its UK aviation consultancy business, Bridgend Asset Management Limited, to its WMES joint venture, resulting in a gain of approximately $43.0 million [7][8] Balance Sheet Overview - As of June 30, 2025, the company's lease portfolio was valued at $2,830.0 million, with total assets amounting to $3,946.4 million [8][16][17] - The company reported total liabilities of $3,265.2 million, with debt obligations at $2,800.6 million [17] - Shareholders' equity stood at $617.9 million, an increase from $549.3 million at the end of 2024 [17]
Willis Lease Finance Corporation Announces Timing of Second Quarter 2025 Financial Results and Conference Call
Globenewswire· 2025-07-15 12:01
Core Points - Willis Lease Finance Corporation will release its financial results for Q2 2025 on August 5, 2025, before market opens [1] - A conference call will be hosted by the executive management team on the same day at 10:00 a.m. Eastern Time [1] Company Overview - Willis Lease Finance Corporation is a leading lessor of commercial aircraft engines and provides global aviation services [3] - The company leases large and regional spare commercial aircraft engines, auxiliary power units, and aircraft to various clients including airlines and maintenance providers [3] - Its services include engine maintenance, aircraft disassembly, parking, storage, and ground handling services [3] - Willis Sustainable Fuels aims to develop projects to decarbonize aviation [3]
Willis Aviation Services Limited Announces Long-Term Base Maintenance Partnership with Jet2.com
GlobeNewswire· 2025-07-09 12:34
Core Insights - Willis Lease Finance Corporation (WLFC) announced a commitment from Jet2.com for two base maintenance lines at its subsidiary Willis Aviation Services Limited (WASL) for the upcoming season [1][2] - The expansion follows the successful completion of a single maintenance line for Jet2 earlier this year, showcasing WASL's strong performance [2] - The new maintenance lines will be conducted at WASL's state-of-the-art facility at Teesside International Airport, enhancing capacity in the UK MRO sector [3] Company Overview - WLFC is a leading lessor of commercial aircraft engines and provides aviation services globally, including leasing large and regional spare commercial aircraft engines and auxiliary power units [5] - The company integrates its leasing activities with engine and aircraft trading, asset management services, and various end-of-life solutions for engines and aviation materials [5] - WLFC's service offerings include Part 145 engine maintenance, aircraft line and base maintenance, and ground handling services [5] Industry Context - The demand for aircraft maintenance services remains high across the UK and Europe, prompting WASL's expansion to meet the needs of airlines and lessors globally [3] - The new facility is expected to create a significant number of highly skilled jobs, contributing to local economic growth and talent development in the aerospace industry [3][4]
Willis Lease Finance Corporation Completes Sale of Consultancy and Advisory Arm to Joint Venture with Mitsui & Co.
Globenewswire· 2025-06-30 21:24
Core Insights - Willis Lease Finance Corporation has successfully closed the sale of Bridgend Asset Management Limited to Willis Mitsui & Co. Engine Support Limited, leading to the renaming of BAML to Willis Mitsui & Co. Asset Management Limited [1][2] - The transaction aims to enhance the capabilities and efficiency of the WMES platform by integrating technical consultancy and records management services [3] - The joint venture WMES, established in 2011, currently manages assets worth approximately $380 million, with expectations for growth due to expanded service offerings [3] Company Developments - The sale marks a significant milestone for WLFC and its partnership with Mitsui, indicating a step towards closer collaboration and growth within the joint venture [4] - WLFC retains a 50% ownership stake in WMES and plans to leverage its services to support leasing operations while focusing on strategic initiatives to expand its aviation portfolio [4] Industry Context - The integration of consultancy and advisory services into WMES is positioned to better meet the growing demands of the global aviation market, solidifying the joint venture's role in delivering comprehensive engine-related services [4]
Willis Lease Finance Corporation Announces Closing of $596.0 Million in Fixed Rate Notes
Globenewswire· 2025-06-18 16:09
Core Points - Willis Lease Finance Corporation (WLFC) announced the completion of an offering of $524 million in Series A Fixed Rate Notes and $72 million in Series B Fixed Rate Notes [1] - The Notes are secured by a portfolio of 62 aircraft engines and two airframes, which will be acquired from WLFC or its subsidiaries [2] - The Series A Notes have a fixed coupon of 5.582% and the Series B Notes have a fixed coupon of 6.070%, with an expected maturity of approximately six years [3] Summary by Category Financial Offering - WLFC's wholly-owned subsidiary, Willis Engine Structured Trust VIII (WEST), completed an offering totaling $596 million in aggregate principal amount [1] - The final subscription for the Series A Notes was 3.60x (gross) and 5.10x (available), while the Series B Notes had a final subscription of 7.15x (gross) and 13.00x (available) [2] Notes Details - Series A Notes and Series B Notes have an expected weighted average life of 5.1 years and a final maturity of 25 years [3] - The Series A Notes were issued at a price of 99.99721% of par, and the Series B Notes at 99.99711% of par [3] Company Overview - WLFC specializes in leasing commercial aircraft engines and provides various aviation services, including engine maintenance and asset management [6] - The company also focuses on sustainable aviation initiatives through its Willis Sustainable Fuels division [6]
Willis Lease Finance Corporation Announces Pricing of $596.0 Million in Fixed Rate Notes
Globenewswire· 2025-06-06 12:03
Core Points - Willis Lease Finance Corporation (WLFC) announced the pricing of $524 million in Series A Fixed Rate Notes and $72 million in Series B Fixed Rate Notes, totaling $596 million [1] - The Series A Notes have a fixed coupon of 5.582% and the Series B Notes have a fixed coupon of 6.070%, with an expected maturity of approximately six years and a final maturity of 25 years [2] Company Overview - WLFC is a leading lessor of commercial aircraft engines and provides global aviation services, including leasing large and regional spare commercial aircraft engines, auxiliary power units, and aircraft [5] - The company integrates its leasing activities with engine and aircraft trading, engine lease pools, and asset management services, along with various end-of-life solutions for engines and aviation materials [5] - WLFC's service offerings include Part 145 engine maintenance, aircraft line and base maintenance, and airport ground and cargo handling services [5]
Willis Lease Finance Corporation Announces Offering of $596 Million in Fixed Rate Notes
Globenewswire· 2025-06-03 11:30
Core Viewpoint - Willis Lease Finance Corporation (WLFC) is proposing to offer $596 million in total principal amount of fixed-rate notes through its subsidiary, Willis Engine Structured Trust VIII (WEST), secured by a portfolio of aircraft engines and airframes [1][2]. Group 1: Offering Details - The offering includes $524 million in Series A Fixed Rate Notes and $72 million in Series B Fixed Rate Notes [1]. - The notes will be secured by WEST's interests in a portfolio of 62 aircraft engines and two airframes, which will be acquired from WLFC or its subsidiaries [1]. Group 2: Use of Proceeds - The net proceeds from the notes will be used to pay fees and expenses related to the offering, deposit amounts in reserve accounts, and pay WLFC for the aircraft engines and airframes over a 270-day delivery period [2]. - WLFC and its subsidiaries will utilize any net proceeds received to repay debt collateralized by the assets and for general corporate purposes [2]. Group 3: Regulatory Information - The notes will not be registered under the Securities Act of 1933 and may not be offered or sold in the United States without registration or an exemption [3]. - The offering is limited to "qualified institutional buyers" as defined under Rule 144A and non-U.S. persons in accordance with Regulation S [3].
Willis Lease Finance Corporation Appoints Z. Clifton Dameron as General Counsel
Globenewswire· 2025-05-16 20:31
Core Viewpoint - Willis Lease Finance Corporation has appointed Z. Clifton ("Clif") Dameron as Senior Vice President, General Counsel, and Corporate Secretary, succeeding Dean M. Poulakidas, who has stepped down to pursue other opportunities [1][2]. Company Overview - Willis Lease Finance Corporation is a leading lessor of commercial aircraft engines and provides global aviation services, including leasing large and regional spare commercial aircraft engines, auxiliary power units, and aircraft to various clients worldwide [3]. - The company integrates its leasing activities with engine and aircraft trading, engine lease pools, and asset management services through Willis Asset Management Limited, along with end-of-life solutions for engines and aviation materials via Willis Aeronautical Services, Inc. [3]. Leadership Transition - Clif Dameron joined WLFC in 2024 as a Senior Vice President and has a strong background in aviation and corporate law, having previously served as Chief Legal Officer at Carlyle Aviation Partners and held roles at other notable firms [2]. - Dameron expressed his commitment to building upon the achievements of his predecessor and emphasized the market opportunities ahead for WLFC [3].
WLFC's Q1 Earnings Decline Y/Y on Rising G&A Costs, Stock Down 10%
ZACKS· 2025-05-13 19:15
Core Insights - Willis Lease Finance Corporation (WLFC) shares have declined 9.5% since reporting earnings for Q1 2025, underperforming the S&P 500 index which dipped only 0.2% during the same period [1] - The company reported a net income of $2.21 per share for Q1 2025, down from $3.00 per share in Q1 2024, despite achieving record revenues of $157.7 million, a 32.5% increase from $119.1 million in the prior year [2][3] - Net income attributable to common shareholders fell 22.5% to $15.5 million from $20 million in Q1 2024, primarily due to increased operating and finance costs [2] Revenue and Operating Highlights - Lease rent revenue increased by 28.1% year over year to $67.7 million, while maintenance reserve revenues rose 25% to $54.9 million, contributing to a total of $122.6 million in core recurring revenues, up from $96.8 million a year earlier [3] - Spare parts and equipment sales surged to $18.2 million from $3.3 million, partly due to a one-time $7 million transaction [3] - Interest revenues climbed 73.4% to $3.9 million, but gains on the sale of leased equipment dropped 51.8% to $4.4 million due to fewer profitable asset dispositions [3] Cost and Expense Analysis - Total expenses rose 45.7% year over year to $133.8 million, driven by a 61.3% increase in general and administrative costs to $47.7 million, largely due to consulting fees for the sustainable aviation fuel initiative [4] - Interest expense surged nearly 40% year over year to $32.1 million, reflecting higher debt levels and cost of capital [6] - Costs related to spare parts and equipment sales grew more than sixfold to $15.3 million, contributing to a 19.2% drop in net income [6] Management Commentary - CEO Austin Willis highlighted the company's strategic positioning within a recovering aviation industry, emphasizing confidence in long-term fundamentals despite market volatility [5] - The high cost of new engines is reinforcing leasing demand, with WLFC's maintenance and leasing solutions providing value to cost-conscious airlines [5] Other Developments - During the quarter, WLFC recorded $2.2 million in equipment sales related to one engine and $4.4 million in gains from the sale of seven engines and one airframe [7] - The company declared a second-quarter dividend of 25 cents per share, payable on May 22, 2025 [7]
Willis Lease Finance Corporation Moves its Consultancy and Advisory Arm to Willis Mitsui & Co. Engine Support Limited
Globenewswire· 2025-05-08 11:00
Core Insights - Willis Lease Finance Corporation (WLFC) has entered into an agreement to sell its consultancy and advisory arm, Bridgend Asset Management Limited, to its joint venture partner Mitsui, through Willis Mitsui & Co. Engine Support Limited (WMES) [1][2] - This strategic move aims to enhance collaboration and expand WMES's capabilities in aviation services, focusing on increasing service offerings and aviation asset portfolio [1][2] - The transaction is expected to unlock fresh capital for WLFC, which can be reinvested to accelerate portfolio growth, providing a premium return on equity [3] Company Overview - WLFC is a leading lessor of commercial aircraft engines and provides various aviation services, including engine maintenance, aircraft leasing, and asset management [4] - WMES, established in 2011 and headquartered in Dublin, currently manages assets worth approximately $360 million, and the integration of WLFC's services will enhance its operational efficiencies [2][4] - The partnership with Mitsui is expected to strengthen long-term relationships and drive growth in the commercial aviation sector [4]