Willis Lease Finance reports second-quarter pre-tax loss of US$1.9 million

Willis Lease Finance Corporation has reported second-quarter total revenues of US$66.5 million and a pre-tax loss of US$1.9 million. For the three months ended June 30, 2021, aggregate lease rent and maintenance reserve revenues were US$49.7 million and spare parts and equipment sales were US$3.6 million. The company reported lower revenue in the second quarter when compared to the prior-year period, primarily due to the pandemic’s impact on global travel and, consequently, worldwide fleet utilization.

Total revenue was US$66.5 million in the second quarter of 2021, an 11.4% decrease when compared to US$75.0 million in the same quarter of 2020. Lease rent revenue was US$32.4 million in the second quarter of 2021, compared to US$38.5 million in the second quarter of 2020.

Maintenance reserve revenue was US$17.3 million in the second quarter of 2021, a decrease of 42.4% compared to US$30.0 million in the same quarter of 2020. The decline in maintenance revenue was primarily influenced by lower long-term maintenance revenue, which is associated with engines returning from long-term lease. Long-term maintenance reserve revenue was US$14.8 million in the second quarter of 2021, compared to US$27.2 million in the comparable prior period.

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