Willis Lease Finance earns $2.2m in 2Q14

Willis Lease Finance, the premier independent jet engine lessor in the commercial finance sector, reported second quarter 2014 net income was $2.2m, compared to $9.7m in the second quarter of 2013, and $4.3m in the first quarter of 2014. Earnings for the second quarter of 2013 were positively impacted by a one-time $8.6m tax benefit related to a reduction in the company’s deferred tax liability and higher than normal earnings from joint ventures due to the recording of $3.4m of maintenance reserve revenue related to the termination of aircraft leases within the WOLF joint venture.