Willis Lease Finance Corporation , a leading lessor of commercial jet engines, reported third quarter pretax profits grew 19% compared to the year ago period. Net income was $2.3m in the third quarter of 2011, compared to $3.1m in the third quarter a year ago. The current quarter’s net income was reduced by $1.3m due to the inclusion of a tax adjustment related to the accounting for the sale of engines to the recently formed JV with Mitsui. After payment of preferred dividends, net income available to common shareholders was $1.5m compared to $2.3m a year ago.
For the first nine months of 2011, net income grew 35% to $10.9m from $8.0m in the first nine months a year ago. Net income attributable to common shareholders increased 50% to $8.5m from $5.7m in the first nine months of 2010.