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Willis Lease Finance Corp (NASDAQ: WLFC) is a prominent player in the aviation industry, known for its exceptional service, innovation, and technical support. The company's primary business involves leasing commercial aircraft engines to airlines, Original Equipment Manufacturers (OEMs), and Maintenance Repair Organizations (MROs) worldwide. Willis Lease offers both short- and long-term leasing options and has pioneered strategic engine pooling programs that provide significant benefits to pool members.
In addition to leasing, Willis Lease Finance Corp integrates its activities with engine and aircraft trading, advanced engine lease pools backed by state-of-the-art technology, and comprehensive technical and asset management services through its subsidiary, Willis Asset Management Limited. The company also offers end-of-life solutions for aircraft, engines, and aviation materials via its subsidiary, Willis Aeronautical Services, Inc.
Willis Lease boasts one of the largest and most diverse portfolios of engines in the aviation sector, enabling it to meet a wide range of customer technical and operational requirements. The company operates under two main segments: Leasing and Related Operations, which includes the leasing and resale of commercial aircraft, engines, and other equipment, and Spare Parts Sales, which involves the purchase and resale of aftermarket engine parts, whole engines, engine modules, and portable aircraft components. The majority of the company's revenue is generated from leasing and related operations.
Recently, Willis Lease has made significant strides in the sustainable aviation fuel (SAF) space. In partnership with Tees Valley Combined Authority, the company announced the launch of the first PtL SAF refinery in Northeastern England. This project aims to produce approximately five million gallons of PtL SAF annually, contributing to the reduction of greenhouse gas emissions in the UK and globally. The project has also received a substantial grant from the UK Department for Transport to support its development.
With a reputation for being a reliable partner in the aviation industry, Willis Lease continues to innovate and adapt, ensuring it meets the evolving needs of its clients and supports the transition to more sustainable aviation practices.
Willis Aviation Services (WASL), a subsidiary of Willis Lease Finance (NASDAQ: WLFC), has secured a long-term General Terms Agreement with TUI Airways for base maintenance services on TUI's narrowbody aircraft fleet. The partnership will initially focus on two Boeing 737NG maintenance checks at WASL's facility at Teesside International Airport in Northeastern England.
The collaboration aims to provide comprehensive MRO solutions while supporting local economic development through job creation in the UK aerospace industry. WASL will leverage its specialized knowledge to conduct thorough base maintenance services for TUI's aircraft.
Willis Lease Finance (NASDAQ: WLFC) has announced a quarterly dividend of $0.25 per share on its outstanding common stock. The dividend will be paid on February 21, 2025, to stockholders of record as of February 12, 2025.
This marks the company's third consecutive quarterly dividend since June 2024, reflecting the strength of its business model. WLFC operates in commercial aircraft engine leasing, providing engines, auxiliary power units, and aircraft to airlines, manufacturers, and maintenance providers globally. The company's services include engine trading, lease pools, asset management, maintenance, and various aviation-related solutions.
Willis Lease Finance (NASDAQ: WLFC) announces its subsidiary, Willis Aviation Services (WASL), has secured a long-term General Terms Agreement with Jet2.com, the UK's third-largest airline, for B737NG aircraft maintenance services. The agreement focuses on performing C Checks at WASL's facility at Teesside International Airport in Northeastern England.
This strategic partnership emphasizes Jet2's commitment to maintaining high safety and reliability standards across its fleet operations. The collaboration is expected to contribute to local economic growth and create skilled employment opportunities in the UK aerospace industry. WASL will leverage its advanced capabilities and expertise to deliver heavy base maintenance services at its state-of-the-art facility.
Willis Lease Finance (NASDAQ: WLFC) has announced a significant transaction with Pratt & Whitney for the purchase of nine new PW1133G-JM aircraft engines, valued at approximately $200 million. The purchase is expected to be completed by December 31, 2024.
The GTF engines offer up to 20% improved fuel efficiency compared to previous generation engines and are certified for operation on 50% sustainable aviation fuel (SAF), with successful testing on 100% SAF. This investment strengthens WLFC's position in providing modern, fuel-efficient engines for A320 aircraft operators.
Willis Lease Finance (NASDAQ: WLFC) has appointed Stephen Jones to its Board of Directors, effective January 1, 2025. Jones brings 40 years of experience in airline and energy industries, including significant roles at Air New Zealand, Wizz Air, and Flair Airlines. His career highlights include serving as Deputy CEO of Wizz Air and CEO of Flair Airlines, where he established Canada's first true Ultra-Low-Cost Carrier.
The appointment coincides with the resignation of Rae Ann McKeating from the Board, effective December 31, 2024. McKeating served as Chair of the Compensation Committee. Jones holds a Bachelor of Mechanical Engineering from the University of Auckland and has extensive experience in operational, commercial, and financial roles within the aviation industry.
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.
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