Willis Lease Finance has reported first-quarter pre-tax profit and total revenues of US$8.5 million and US$81.6 million, respectively. The company’s first quarter 2020 pre-tax results were impacted by both lower revenue in the core leasing business, which was influenced by a reduction in reported asset usage and reduced spare parts sales, and the one-time expense associated with its Willis Engine Structured Trust II re-financing. Aggregate lease rent and maintenance reserve revenues were US$66.9 million for the first quarter of 2020.
“The Company experienced another quarter of profitability but on lighter revenues primarily driven by the decline in global flight traffic, which led to lower maintenance revenues and spare parts sales,” said Charles F. Willis, Chairman and CEO. “We recognize that the COVID-19 pandemic is putting a lot of strain on our lessee customer base and we do not see that correcting quickly. We therefore remain highly focused on protecting our business while continuing to deliver for our customers.”Email Post to a Friend