Willis Lease Finance reports 2016 pre-tax profit up 87.4% to US$23.9m

Willis Lease Finance Corporation has reported pretax earnings for 2016 of US$23.9m, up 87.4% from US$12.8m in 2015, on record revenue of US$207.3m. Net income attributable to common shareholders for 2016 was US$13.8m compared to US$6.5m in 2015. Fourth quarter 2016 net income attributable to common shareholders was US$2.4m, compared to US$3.0m in 2015. Fourth quarter 2016 results were impacted by a US$3.6m non-cash write down as compared to a US$0.6m non-cash write down in the fourth quarter 2015. Pre-tax earnings increased 87.4% to US$23.9m in 2016 from US$12.8m in 2015. Average utilization in the fourth quarter was sustained at 92% up from 91% reported for the year ago period. Total revenues grew 4.7% to US$207.3m in 2016, fueled primarily by a growing lease portfolio, higher portfolio utilization and rising lease rates. Lease rent revenues grew 11.0% to US$119.9m and 8.0% to US$31.2m for the full year and fourth quarter of 2016, respectively. The equipment portfolio grew 2.5% in 2016 to US$1.137bn from US$1.109bn a year ago. The Company purchased US$149m of equipment in 2016 as compared to US$171m in 2015. In the fourth quarter of 2016, the Company purchased two aircraft and fourteen engines for US$64m.