Willis Lease Finance reports strong fourth quarter with profit of $15.6m

Willis Lease Finance Corporation (WLFC) reported 2013 net income attributable to common shareholders of $15.6m. Fourth quarter net income attributable to common shareholders was $6.6m, fueled by 12.9% growth in lease rent revenue due to improved utilization and a larger lease portfolio, which contributed to 18.9% overall growth in total revenue. At December 31st, 2013, Willis Lease had 202 commercial aircraft engines, 5 aircraft parts packages and 4 aircraft and other engine-related equipment in its lease portfolio, with a net book value of $1.03bn, compared to 184 commercial aircraft engines, 4 aircraft parts packages and 7 aircraft and other engine-related equipment in its lease portfolio, with a net book value of $0.96bn, a year ago. The Company’s funded debt-to-equity is 3.70 to 1 at year end, compared to 3.60 to 1 at September 30th, 2013 and 3.50 to 1 a year ago.