Willis Lease Finance reports net profit of $7.2m in 2014

Willis Lease Finance Corporation (WLFC) reported 2014 net income of US$7.2m, compared to net income of US$15.6m in 2013. After-tax income for 2013 included a one-time US$8.6m tax benefit. On record annual sales of US$174.3m, pre-tax earnings from operations increased 35.2% to US$10.5m in 2014 from US$7.8m a year ago and income before income taxes increased 4.8% to US$11.8m in 2014 from US$11.3m a year ago. In the fourth quarter of 2014, Willis Lease reported a net loss of US$0.3m, compared to net income of US$6.6m in the fourth quarter of 2013. The loss in the current period included US$2.7m of non-cash write-downs and the expensing of US$3.5m related to an engine repair. The foregoing expenses overshadowed an otherwise profitable quarter – excluding these charges, fourth quarter pre-tax income was US$5.5m.