Core Insights - Willis Lease Finance Corporation reported third-quarter earnings of $3.37 per share, a significant increase from $2.13 per share in the same quarter of 2023, with total revenues reaching $146.2 million, a 38.3% year-over-year increase from $105.7 million [1][2] Revenue Breakdown - Lease rent revenues amounted to $64.9 million, up 21.2% from $53.6 million in the same period last year, driven by increased asset deployment and new lease agreements [3] - Maintenance reserve revenues rose 32% year-over-year to $49.8 million, compared to $37.7 million in the third quarter of 2023, supported by high utilization rates of leased engines [4] - Revenues from spare parts and equipment sales increased significantly to $10.9 million from $3.4 million in the year-ago quarter, with an additional $1 million from equipment sales for one engine [5] - Gains from the sale of leased equipment totaled $9.5 million from the sale of 13 engines and other assets, a substantial increase from $0.8 million in the third quarter of 2023 [6] Expense Overview - Total expenses rose to $112.5 million, a 31.2% increase year-over-year, with general and administrative expenses increasing by 50.8% to $40 million [7] - Net finance costs increased by 46% to $27.8 million, primarily due to higher interest expenses associated with increased borrowing for equipment purchases [7] Profitability Metrics - Quarterly pre-tax income was $34.5 million, up 69.4% from $20.3 million in the prior-year period, reflecting strong demand in the aviation leasing market [9] - Net income attributable to common shareholders surged to $23.1 million, a 67.9% improvement from the third quarter of 2023, indicating robust operational efficiencies [10] Balance Sheet Highlights - As of September 30, 2024, cash and cash equivalents totaled $5.8 million, down from $7.1 million at the end of 2023, while total assets grew to $3 billion from $2.7 billion [11] - Debt obligations increased to $2 billion from $1.8 billion at year-end 2023, and shareholders' equity strengthened to $517.8 million, up from $439 million [11] Strategic Developments - The company refinanced its Series A preferred stock, consolidating it into a $65 million Series A series with an 8.35% dividend rate, enhancing its capital structure [12] - A new $1 billion, five-year revolving credit facility was established, replacing an existing $500 million facility, providing capital flexibility for future demand [13] - The company declared a quarterly dividend of 25 cents per share, to be paid on November 21, 2024, demonstrating its commitment to returning value to shareholders [13]

Financial Performance - Total revenue for the nine months ended September 30, 2024, was $416,426,000, a 36.8% increase from $304,275,000 in the same period of 2023[11]. - Net income for Q3 2024 was $24,096,000, compared to $14,618,000 in Q3 2023, representing a 64.8% increase[12]. - Basic weighted average income per common share for Q3 2024 was $3.51, up from $2.16 in Q3 2023, reflecting a 62.6% increase[11]. - Total comprehensive income for Q3 2024 was $18,740,000, compared to $11,631,000 in Q3 2023, reflecting a 60.7% increase[12]. - Net income for the nine months ended September 30, 2024, was $87,551 million, a significant increase from $32,828 million in the same period of 2023, representing a growth of 166%[19]. Revenue Breakdown - Lease rent revenue for Q3 2024 reached $64,905,000, up 21.1% from $53,573,000 in Q3 2023[11]. - Maintenance reserve revenue for Q3 2024 was $49,760,000, a 32.0% increase from $37,696,000 in Q3 2023[11]. - Spare parts inventory rose to $74,089, up from $40,954, indicating an increase of about 80.9%[8]. - Spare parts and equipment sales increased significantly by 223.4% to $10.9 million for the three months ended September 30, 2024, compared to $3.4 million in the same period of 2023[107]. Assets and Liabilities - Total assets increased to $3,043,593 as of September 30, 2024, compared to $2,652,344 as of December 31, 2023, representing a growth of approximately 14.7%[8]. - Total liabilities increased to $2,462,779 as of September 30, 2024, compared to $2,163,417 as of December 31, 2023, reflecting a rise of about 13.9%[8]. - Debt obligations rose to $1,990,455 from $1,802,881, marking an increase of approximately 10.4%[8]. - Shareholders' equity increased to $517,761 as of September 30, 2024, compared to $438,963 as of December 31, 2023, representing a growth of about 18%[8]. Cash Flow and Investments - Cash provided by operating activities for the nine months ended September 30, 2024, was $216,440 million, compared to $168,980 million in 2023, indicating a 28% increase[19]. - Cash used in investing activities was $454,959 million for the nine months ended September 30, 2024, compared to $132,146 million in 2023, indicating a significant increase in investment activity[19]. - Cash flows provided by financing activities were $175.6 million for the nine months ended September 30, 2024, reflecting $518.9 million in debt proceeds, offset by $331.2 million in principal payments[142]. Expenses - Total expenses for the nine months ended September 30, 2024, were $301,426,000, an increase of 17.4% from $256,837,000 in the same period of 2023[11]. - General and administrative expenses for Q3 2024 were $40,037,000, up from $26,545,000 in Q3 2023, indicating a 50.8% increase[11]. - Stock-based compensation expense increased to $18,351 million for the nine months ended September 30, 2024, up from $10,670 million in 2023, reflecting a 72% rise[19]. Debt and Financing - The Company entered into a new $1.0 billion revolving credit facility on October 31, 2024, refinancing its previous $500 million credit facility[45]. - The Company had $616.9 million of variable rate borrowings as of September 30, 2024, compared to $353.0 million as of December 31, 2023[49]. - The principal repayment schedule for total debt obligations indicates $473.8 million due in 2025 and $822.4 million due thereafter[48]. Joint Ventures and Investments - The Company recorded income from joint ventures of $7.255 million for the nine months ended September 30, 2024, compared to $7.255 million for the same period in 2023[41]. - The joint venture WMES owned a lease portfolio of 49 engines with a net book value of $335.5 million as of September 30, 2024[38]. - WMES reported revenue of $56.5 million for the nine months ended September 30, 2024, a 61.5% increase from $34.999 million in the same period of 2023[42]. Taxation - Income tax expense for the three months ended September 30, 2024, was $10.4 million, compared to $5.7 million for the same period in 2023, reflecting an increase of 82.5%[56]. - The effective tax rate for the three months ended September 30, 2024, was 30.1%, up from 28.1% in the same period of 2023[56]. Future Outlook - The company is actively monitoring the impact of high interest rates and inflation on its operations and financial condition, indicating a cautious outlook for future performance[6]. - The company believes its equity base and existing debt facilities are sufficient to maintain operations for the next twelve months, but internal funds could decline if off-lease equipment increases[153].

Financial Performance - Total revenues for the third quarter of 2024 were $146.2 million, with pre-tax income of $34.5 million, representing a 69% increase compared to the same period in 2023[2] - Core lease rent and maintenance reserve revenues reached $114.7 million, up 26% from $91.3 million in the third quarter of 2023[2] - Lease rent revenue was $64.9 million, an increase of 21.2% compared to $53.6 million in the third quarter of 2023[4] - Maintenance reserve revenue increased by 32% to $49.8 million, compared to $37.7 million in the same quarter of 2023[4] - Total revenue for the three months ended September 30, 2024, was $146,223,000, representing a 38.3% increase from $105,745,000 in the same period last year[10] - Net income attributable to common shareholders rose by 67.9% to $23,133,000, up from $13,778,000 in the same quarter last year[10] - Basic weighted average income per common share increased to $3.51 from $2.16 year-over-year[10] - Diluted weighted average income per common share was $3.37 for the third quarter of 2024, compared to $2.13 in the same quarter of 2023[5] Assets and Liabilities - The book value of lease assets was $3,039.8 million as of September 30, 2024, reflecting growth in profitability and customer solutions[5] - Total assets increased to $3,043,593,000 as of September 30, 2024, from $2,652,344,000 at the end of 2023[11] - Debt obligations rose to $1,990,455,000 from $1,802,881,000, indicating a significant increase in leverage[11] - Shareholders' equity increased to $517,761,000 from $438,963,000, reflecting a strong capital position[11] Expenses and Revenue Streams - Total expenses for the three months ended September 30, 2024, were $112,519,000, a 31.2% increase from $85,747,000 in the same period last year[10] - Interest revenue grew by 62.0% to $3,412,000 compared to $2,106,000 in the prior year[10] - Spare parts and equipment sales increased to $10.9 million in the third quarter of 2024, compared to $3.4 million in the same quarter of 2023[4] - Spare parts and equipment sales surged by 223.4% to $10,863,000 from $3,359,000 in the prior year[10] Capital and Financing - The company purchased equipment totaling $166.9 million during the third quarter of 2024, compared to $31.0 million in the same period of 2023[4] - A new $1.0 billion revolving credit facility was established to support ongoing business growth, refinancing a previous $500.0 million facility[5] - The company declared a quarterly dividend of $0.25 per share, expected to be paid on November 21, 2024[5]

COCONUT CREEK, Fla., Oct. 16, 2024 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ: WLFC) ("WLFC") plans to announce its financial results for the third quarter 2024 before the opening of Nasdaq on Monday, November 4, 2024. WLFC plans to hold a conference call with members of WLFC's executive management team on Monday, November 4, 2024, at 10:00 a.m. Eastern Standard Time to discuss its third quarter 2024 results. Individuals wishing to participate in the conference call should dial: US and Can ...

Adjusting for the market value of Willis Lease Finance Corporation's (NASDAQ: WLFC ) engine portfolio, their liquidation value is over $200 per share. It is a steal under that price. Comparable companies imply that it could be worth far Chris runs the investing group Sifting the World , in which he shares his best ideas, deep research, extensive resources and real time updates as investments play out. The group contains an experienced community that shares specialized knowledge when members have local knowl ...

COCONUT CREEK, Fla., Sept. 03, 2024 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ: WLFC) ("WLFC"), the leading lessor of commercial aircraft engines and provider of global aviation service operations, is pleased to announce the appointment of Dr. Amy Ruddock in the newly created role of Senior Vice President, Sustainable Aviation & Corporate Development. Amy will be responsible for delivering and growing WLFC's sustainable aviation business while also overseeing corporate development. Austin ...

COCONUT CREEK, Fla., Aug. 01, 2024 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ:WLFC) ("WLFC" or the "Company") today reported record second quarter total revenues of $151.1 million and record quarterly pre-tax income of $57.9 million. The Company also announced its first regular quarterly dividend of $0.25 per share, expected to be paid on August 21, 2024, with a record holder date of August 12, 2024. For the three months ended June 30, 2024, aggregate, core lease rent and maintenance reser ...

COCONUT CREEK, Fla., Aug. 01, 2024 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ: WLFC) ("WLFC" or the "Company") today reported record second quarter total revenues of $151.1 million and record quarterly pre-tax income of $57.9 million. The Company also announced its first regular quarterly dividend of $0.25 per share, expected to be paid on August 21, 2024, with a record holder date of August 12, 2024. For the three months ended June 30, 2024, aggregate, core lease rent and maintenance rese ...

COCONUT CREEK, Fla., July 22, 2024 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ:WLFC) ("WLFC" or the "Company"), the leading lessor of commercial aircraft engines and global provider of aviation services, announces the expansion of its technical senior leadership team into two distinct roles. In direct response to substantial and rapid growth, the Company has appointed industry veteran, Caroline M. Vandedrinck, as its new Senior Vice President ("SVP"), Materials & Services, to manage the Com ...

"Having known Caroline for many years, I am thrilled to welcome her to WLFC. She is an outstanding individual and an exceptional leader, possessing the skillset required to drive and support the continued growth and success of our services business units," said Garry Failler. For more information on Willis Lease Finance Corporation and the Company's comprehensive aviation solutions, visit www.wlfc.global. Ms. Vandedrinck brings a wealth of experience and expertise to lead and grow WLFC's vertically integrat ...