Willis Lease Finance second quarter pretax profit grew 76% to US$10.2m

Willis Lease Finance has reported that pretax income grew 76% to US$10.2m in the second quarter of 2017, compared to US$5.8m in the second quarter of 2016, on revenues of US$67.8m. The Company’s second quarter 2017 results were bolstered by continued strength in its core leasing business with 90% utilization at quarter end and US$19.4m of spare parts and equipment sales revenue, of which US$12.9m was generated by the sale of equipment. Net income attributable to common shareholders for the second quarter increased 68% to US$5.7m from US$3.4m in the second quarter 2016. Earnings in the second quarter included a US$2.3m non-cash write down of equipment and parts.