Willis Lease Finance earns $4.3m in 1Q14

Willis Lease Finance Corporation (WLFC), the premier independent jet engine lessor in the commercial finance sector, reported first quarter 2014 net income was $4.3m, compared to $1.6m, in the first quarter of 2013, and $6.6m in the fourth quarter of 2013. At March 31, 2014, Willis Lease had 200 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 $1.02bn, compared to 193 commercial aircraft engines, 3 aircraft parts packages and 7 aircraft and other engine-related equipment in its lease portfolio, with a net book value of 1.02bn, a year ago. The Company’s funded debt-to-equity is 3.53 to 1 at quarter end, compared to 3.70 to 1 at December 31, 2013 and 3.75 to 1 a year ago.