Core Insights - Willis Lease Finance Corporation (WLFC) reported a strong financial performance for the first quarter of 2025, with total revenue reaching $157.7 million, a 32.5% increase compared to $119.1 million in the same period of 2024 [4][10] - The company declared a quarterly dividend of $0.25 per share, payable on May 22, 2025, to shareholders of record as of May 12, 2025 [2] Financial Performance - Core lease rent and maintenance reserve revenues totaled $122.6 million, up 27% from $96.8 million in the first quarter of 2024, driven by strong demand in the aviation marketplace [4][10] - Pre-tax income for the quarter was $25.3 million, reflecting a decrease of 15.5% from $29.9 million in the first quarter of 2024 [10][17] - Maintenance reserve revenue increased to $54.9 million, a 25% rise from $43.9 million in the previous year [6][10] - Spare parts and equipment sales surged to $18.2 million, compared to $3.3 million in the first quarter of 2024, marking a 454.7% increase [8][10] Operational Highlights - The company's portfolio utilization improved to 86.4% at the end of the quarter, up from 76.7% at the end of 2024 [10] - The lease portfolio was valued at $2,819.5 million as of March 31, 2025, a slight decrease from $2,872.3 million at the end of 2024 [12] - General and administrative expenses rose significantly, influenced by an $11.4 million increase in consultant-related fees for the sustainable aviation fuel project [10][11] Balance Sheet Overview - As of March 31, 2025, total assets were reported at $3,274.6 million, a slight decrease from $3,297.2 million at the end of 2024 [19] - Total liabilities amounted to $2,645.9 million, down from $2,684.7 million at the end of 2024 [19] - Cash and cash equivalents increased to $32.4 million from $9.1 million at the end of 2024 [19]