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 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 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.
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.
FAQ
What is the current stock price of Willis Lease (WLFC)?
What is the market cap of Willis Lease (WLFC)?
What is the main business of Willis Lease Finance Corp?
What are the key segments of Willis Lease Finance Corp's operations?
What recent project has Willis Lease Finance Corp announced?
What subsidiaries does Willis Lease Finance Corp operate?
How does Willis Lease Finance Corp support sustainable aviation?
Where does Willis Lease Finance Corp generate most of its revenue?
What is the capacity of the new PtL SAF refinery project?
What kind of leasing programs does Willis Lease offer?
What are the key strengths of Willis Lease Finance Corp?
What role does technology play at Willis Lease Finance Corp?
