Record Results for Willis Lease Finance Corporation in 2024

Core Insights - Willis Lease Finance Corporation (WLFC) reported record annual total revenues of $569.2 million and pre-tax income of$152.6 million for the year ended December 31, 2024, marking a significant increase from the previous year [1][3] - The growth in revenues was primarily driven by core lease rent and maintenance reserve revenues, which reached an all-time high of $452.1 million, up 30.4$346.8 million in 2023 [1][3] Financial Performance - Pre-tax income increased by 127.4% to $152.6 million in 2024, compared to$67.1 million in 2023 [3][9] - Lease rent revenue rose by 11.8% to $238.2 million in 2024, up from$213.1 million in 2023 [3][7] - Maintenance reserve revenue reached $213.9 million, a 60.0$133.7 million in 2023, reflecting the growth in the lease portfolio [3][7] - Spare parts and equipment sales increased to $27.1 million in 2024, compared to$20.4 million in 2023, driven by demand for surplus materials [3][7] Asset and Equity Growth - The company's lease portfolio value increased to $2,872.3 million as of December 31, 2024, up from$2,223.4 million in 2023 [3][4] - The book value of lease assets, including joint ventures, rose to $3,238.4 million as of December 31, 2024, compared to$2,495.4 million in 2023 [3][4] - Diluted weighted average income per common share was $15.34 for 2024, compared to$6.23 in 2023 [3][9] - The company declared and paid a recurring quarterly dividend of $0.25 per share in November 2024 and February 2025 [3][10] Strategic Initiatives - The company leveraged strong earnings to reinvest nearly$1 billion in high-demand engines and aircraft, reflecting its ability to maximize asset value [2] - In October 2024, WLFC refinanced and expanded its credit facility from $500 million to a new five-year,$1.0 billion facility, enhancing liquidity for continued growth [3][10]