Willis Lease(WLFC) - 2024 Q1 - Quarterly Results

Financial Performance - Willis Lease Finance Corporation reported record total revenues of $119.1 million for Q1 2024, a 33.0$89.5 million in Q1 2023[1] - Pre-tax income reached a record $29.9 million in Q1 2024, compared to$6.8 million in Q1 2023, reflecting a 337.2% increase[3] - Core lease rent and maintenance reserve revenues hit an all-time high of $96.8 million, up 26$76.7 million in the same period last year[1] - Maintenance reserve revenue surged by 86.7% to $43.9 million in Q1 2024, compared to$23.5 million in Q1 2023[3] - Diluted weighted average income per common share rose to $3.00 in Q1 2024, compared to$0.55 in Q1 2023[7] Asset and Equipment Management - The company purchased equipment totaling $62.8 million in Q1 2024, including two aircraft and four engines, compared to$55.7 million in Q1 2023[3] - The lease portfolio value increased to $2,270.4 million as of March 31, 2024, up from$2,223.4 million at the end of 2023[4] - The book value of lease assets was $2,530.7 million as of March 31, 2024[7] Market Activity - The company experienced a strong market for engine sales, resulting in a gain of$9.2 million on the sale of leased equipment in Q1 2024[3] Expense Management - Total expenses increased by 12.7% to $91.9 million in Q1 2024, up from$81.5 million in Q1 2023[8]