Willis Lease Finance earns $9.7m in second quarter

Willis Lease Finance Corporation (WLFC) reported earnings of $9.7m in the second quarter ended June 30, 2013, compared to $1.6m in the preceding quarter and $2.4m in the second quarter a year ago. For the first six months of 2013, net income attributable to common shareholders was $11.3m compared to $5.0 million in the first six months of 2012. Lease portfolio increased 4.7% to $1.02bn from $0.97bn a year ago, largely due to the purchase-leaseback transaction with Scandinavian Airlines that was completed in the first quarter of 2013. Total revenues grew 8.0% to $38.0m from $35.2m a year ago, reflecting portfolio growth and increased maintenance reserve revenues. Lease rent revenues increased 3.9% to $24.8m compared to $23.8m a year ago. Maintenance reserve revenues increased 24.9% to $11.8m compared to $9.4m a year ago.