Welcome to our dedicated page for Willis Lease news (Ticker: WLFC), a resource for investors and traders seeking the latest updates and insights on Willis Lease stock.
Willis Lease Finance Corporation reports news on its commercial aircraft engine leasing business and broader aviation services platform. Company updates commonly address lease rent and maintenance reserve revenue, spare parts and equipment sales, portfolio utilization, dividends, credit facilities, and financing structures used to support engine assets.
WLFC also reports developments across engine and aircraft trading, engine lease pools, asset management, end-of-life aviation materials, Part 145 engine maintenance, aircraft maintenance, disassembly, storage, FBO services, and ground and cargo handling. Product and service updates include Willis Engine Repair Center®, Willis Module Shop™, ConstantThrust®, ConstantAccess®, Jet Centre by Willis, Willis Aeronautical Services, and Willis Aviation Services Limited.
Willis Lease Finance (NASDAQ: WLFC) has appointed Dr. Amy Ruddock as Senior Vice President, Sustainable Aviation & Corporate Development. In this newly created role, Ruddock will lead WLFC's sustainable aviation business and oversee corporate development. She brings extensive experience from her previous positions at Carbon Engineering and Virgin Atlantic, where she focused on sustainable aviation and corporate strategy.
Ruddock will play a key role in driving Willis Sustainable Fuels' UK Sustainable Aviation Fuel project in Tees Valley, England, which is supported by the UK's Advanced Fuels Fund. Her appointment aligns with WLFC's expansion of services and focus on industry decarbonization. CEO Austin C. Willis expressed enthusiasm for Ruddock's expertise in sustainable aviation and project development, highlighting her potential contribution to the company's global strategic initiatives.
Willis Lease Finance (NASDAQ: WLFC) reported record second quarter results with total revenues of $151.1 million and pre-tax income of $57.9 million. The company announced its first regular quarterly dividend of $0.25 per share, payable on August 21, 2024. Highlights include:
- Record lease rent revenue of $55.9 million, up 2.7% year-over-year
- Record maintenance reserve revenue of $62.9 million, up 77.6% year-over-year
- Equipment purchases totaling $258.8 million
- Gain on sale of leased equipment increased 223.4% to $14.4 million
- Book value per diluted weighted average common share increased to $73.64
The company's strong performance is attributed to a resurging aviation marketplace and airlines leveraging WLFC's leasing, parts, and maintenance capabilities.
Willis Lease Finance (NASDAQ: WLFC) has appointed Caroline M. Vandedrinck as Senior Vice President of Materials & Services to manage its growing aftermarket services businesses. This move comes in response to substantial growth, with the company's asset fleet currently valued at $2.5 billion. Vandedrinck, an industry veteran with over 30 years of experience, will oversee WLFC's vertically integrated services including engine MRO facilities, spare parts business, asset management, and airframe MRO.
Garry Failler, SVP and Chief Technical Officer, will continue to manage WLFC's worldwide technical group, quality, and logistics. CEO Austin C. Willis expressed confidence that Vandedrinck's strategic vision and leadership will strengthen operations and enhance service delivery as the company continues to grow.
Willis Lease Finance (NASDAQ: WLFC) has announced a new agreement with Pratt & Whitney, a division of RTX (NYSE: RTX). The deal involves the purchase and leaseback of up to fifteen Pratt & Whitney PW1100G-JM GTF aircraft engines, valued at $363.9 million, to be completed by December 31, 2024.
The GTF engine boasts 17% lower fuel consumption, is certified for 50% Sustainable Aviation Fuel (SAF), and has been tested on 100% SAF. This transaction aligns with WLFC's commitment to decarbonizing commercial aviation.
This follows a similar transaction of 25 GTF engines in early 2021. The company integrates leasing with aftermarket services, aiming to grow its portfolio of environmentally friendly engines. More details will be discussed in WLFC's Q2 earnings call in early August.
Willis Lease Finance (NASDAQ: WLFC) has declared its first-ever cash dividend, a one-time special dividend of $1.00 per share on its common stock. This dividend is payable to shareholders of record as of May 30, 2024, with a payment date set for June 7, 2024. Executive Chairman Charles F. Willis expressed this dividend as a token of appreciation for long-time shareholders and highlighted the company's robust financial health, ongoing portfolio growth, and balance sheet de-levering. The company is also contemplating the possibility of establishing a recurring dividend policy moving forward. WLFC leases commercial aircraft engines and provides a range of aviation services globally.
Willis Lease Finance (WLFC) reported record first quarter total revenues of $119.1 million with pre-tax income of $29.9 million. The growth was driven by core lease and maintenance revenues, reflecting a strong aviation marketplace. WLFC continues to be the partner of choice for airlines seeking maintenance services. The company saw an increase in maintenance reserve revenue and short-term maintenance revenues. Despite a decrease in spare parts sales, WLFC experienced a gain on the sale of leased equipment. Diluted weighted average income per common share and book value per diluted weighted average common share outstanding also showed positive growth.
Willis Lease Finance closed a $21 million financing deal for a CFM LEAP-1B28 engine, marking its third engine-backed Japanese operating lease with call option transaction. The company views the JOLCO market as a strategic opportunity to enhance its asset portfolio and secure capital from global markets. This move demonstrates WLFC's ability to access competitive financing rates and provide appealing lease and loan options to its clients.
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