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) announces its subsidiary, Willis Sustainable Fuels (UK) , has entered into a master services agreement with McDermott for early engineering, procurement and construction services for its Sustainable Aviation Fuel (SAF) initiative. The project includes a first planned SAF facility in Teesside with a capacity of 50,000 litres per day, supported by the UK Government's Advanced Fuels Fund. The facility will produce next-generation SAF using either Biogas-to-Liquid or Power-to-Liquid technology. The parties plan to enter into sole-source EPC scope negotiation in 2025.
Willis Lease Finance (NASDAQ: WLFC) has appointed Z. Clifton Dameron as Senior Vice President to strengthen its legal functions amid strategic expansion. Dameron, previously Chief Legal Officer at Carlyle Aviation Partners, brings extensive legal expertise in leasing operations and asset management. His background includes roles at Sciens Capital Management and law firms Bingham McCutchen LLP and Morgan, Lewis & Bockius LLP. He holds a Bachelor's degree from Southern Methodist University and a Juris Doctor from Tulane University School of Law.
Willis Lease Finance (NASDAQ: WLFC) reported strong financial results for Q3 2024, with total revenues of $146.2 million and pre-tax income of $34.5 million, up 69.4% from the same period in 2023. Core lease rent and maintenance reserve revenues reached $114.7 million, a 26% increase year-over-year.
The company's growth was driven by strong aviation market conditions, with lease rent revenue up 21.2% to $64.9 million and maintenance reserve revenue increasing 32% to $49.8 million. Equipment purchases totaled $166.9 million, including three airframes and 19 engines. The company also secured a new $1.0 billion revolving credit facility and declared a quarterly dividend of $0.25 per share.
Willis Lease Finance (NASDAQ: WLFC) has secured a new $1.0 billion five-year revolving credit facility, replacing its existing $500.0 million agreement. The new facility, administered by Bank of America, includes an option to increase commitments by an additional $250.0 million. The credit facility will be available until October 31, 2029, with loans bearing interest based on Term SOFR plus margin. The agreement requires WLFC to maintain specific financial ratios, including a Consolidated Interest Coverage Ratio of no less than 2.25:1.00 and varying Consolidated Leverage Ratios through 2025.
Willis Lease Finance (WLFC) reported strong Q3 2024 results with total revenues of $146.2 million and pre-tax income of $34.5 million, up 69.4% from Q3 2023. Core lease rent and maintenance reserve revenues increased 26% to $114.7 million. The company announced a quarterly dividend of $0.25 per share, payable November 21, 2024. Lease rent revenue grew 21.2% to $64.9 million, while maintenance reserve revenue increased 32% to $49.8 million. The company secured a new $1.0 billion revolving credit facility and expanded its preferred stock series to $65.0 million. Equipment purchases totaled $166.9 million, including three airframes and 19 engines.
Willis Lease Finance (NASDAQ: WLFC) has announced the timing for its third quarter 2024 earnings release and conference call. The company plans to release its financial results before the opening of Nasdaq on Monday, November 4, 2024. A conference call with WLFC's executive management team is scheduled for the same day at 10:00 a.m. Eastern Standard Time.
Interested parties can participate in the conference call by dialing (888) 632-5004 for US and Canada, or +1 (646) 828-8082 for international callers, using the Conference ID 512645. A digital replay will be available two hours after the call concludes, accessible through the company's website at www.wlfc.global under the Investors section.
Willis Lease Finance (NASDAQ: WLFC) has entered into a Series A Preferred Stock Purchase Agreement with the Development Bank of Japan Inc. This agreement refinances WLFC's $50 million of aggregate Series A-1 and Series A-2 preferred stock into one $65 million preferred stock series with a seven-year term, at the rate per annum of 8.35% per share.
Scott B. Flaherty, Executive Vice President and CFO of WLFC, stated that this investment is the result of a strong, long-term relationship between the two organizations. The expansion of the investment provides WLFC with incremental equity to support the continued growth of their business.
WLFC specializes in leasing commercial aircraft engines, auxiliary power units, and aircraft to airlines, manufacturers, and maintenance providers worldwide. The company also offers various services including engine and aircraft trading, asset management, end-of-life solutions, and maintenance services.
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.