Willis Lease Finance has reported pre-tax profit of US$21.8 million and total revenues of US$95.8 million in the second quarter of 2019. The Company’s second quarter 2019 pre-tax results were driven by continued revenue growth in its core leasing business and spare parts sales as well as gains associated with the active management of its portfolio. Aggregate lease rent and maintenance reserve revenues were US$71.5 million for the second quarter of 2019.
Total revenue increased by 21.7% to US$95.8 million in the second quarter of 2019 compared to US$78.7 million in the same quarter of 2018. Lease rent revenue was US$45.0 million in the second quarter of 2019; 4.5% growth from US$43.1 million in the same quarter of 2018. Quarterly maintenance reserve revenue increased by US$4.4 million, or 20.1%, to US$26.5 million in the second quarter of 2019, compared to US$22.0 million in the same quarter of 2018. Spare parts and equipment sales increased by 25.2% to US$14.6 million in the second quarter of 2019, compared to US$11.7 million in the same quarter of 2018. Other revenue increased by US$2.7 million to US$4.6 million in the second quarter of 2019, compared to US$1.9 million in the same quarter of 2018, primarily reflecting performance fees earned managing engines on behalf of a third party. Earnings before tax were US$21.8 million in the second quarter of 2019, compared to US$11.6 million in the same quarter of 2018 and were US$49.6 million year to date, compared to US$21.2 million in the first half of 2018.
