Willis Lease Finance reports net profit of US$7.5m

Willis Lease Finance Corporation, the independent jet engine lessor in the commercial finance sector, reported third quarter 2014 net income of US$1.0m, compared to net income of US$2.2m, in the second quarter of 2014 and a net loss of US$2.2m in the third quarter of 2013. The loss in the year ago period included US$4.3m of non-cash write-downs. In the first nine months of 2014, net income was US$7.5m, compared to US$9.1m in the first nine months of 2013. Earnings in the year ago period were positively impacted by a one-time US$8.6m tax benefit related to a reduction in the Company’s deferred tax liability. In addition, the recording of US$3.4 million of maintenance reserve revenue related to the termination of aircraft leases within the WOLF joint venture boosted earnings in the year ago period, but was offset by the US$4.3 million non-cash write-down mentioned above.