Willis Lease Finance has reported first-quarter total revenues of US$61.1 million and a pre-tax loss of US$1.7 million. The company reported lower revenue in the first quarter when compared to the prior year period, primarily due to the impact of the COVID-19 pandemic. The slowdown in global travel continues to impact aircraft and engine utilization as well as demand for aircraft and engine spare parts. For the three months ended March 31, 2021, aggregate lease rent and maintenance reserve revenues were US$51.3 million and spare parts and equipment sales were US$4.6 million.
As of March 31, 2021, the company’s US$1.888 billion equipment held for operating lease portfolio and US$197.6 million notes receivable represented 295 engines, eight aircraft, one marine vessel, and other leased parts and equipment. As of December 31, 2020, the company’s US$1.887 billion equipment held for operating lease portfolio and US$158.7 million notes receivable represented 291 engines, eight aircraft, one marine vessel, and other leased parts and equipment.