Willis Lease Finance has reported a pre-tax profit of US$9.6m in the first quarter of 2018. The Company achieved record quarterly lease rent revenue of US$39.6m in the period driven by 86% average utilization of a portfolio that grew 9.2% to US$1.466bn at quarter-end compared to $1.343 billion at December 31, 2017.
Aggregate lease rent and maintenance reserve revenues were US$55.1m for the first quarter 2018. Diluted weighted average earnings per common share was US$1.00 for the three months ended March 31, 2018.
“We have continued to maintain strong lease engine utilization while growing the portfolio with the purchase of modern new engines.” said Charles F. Willis, Chairman and CEO. “We plan to maintain strong utilization while growing not only the lease engine portfolio but also our surplus material, asset management and consultancy businesses.”
