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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 Lease Finance Corporation (NASDAQ: WLFC) reported strong financial results for 2022, with total revenues reaching $311.9 million and a pre-tax income of $9.8 million.
Key highlights include a 20.6% increase in lease rent revenue to $162.6 million, driven by a greater number of engines leased and improved utilization. Maintenance reserve revenue rose 12.8% to $83.4 million, while short-term maintenance revenue surged to $47.4 million from $17.7 million in the previous year, reflecting a rebound in global flight traffic.
The company's book value per diluted share increased to $64.27, up from $59.23 in 2021.
Willis Lease Finance Corporation (NASDAQ: WLFC) announced the expansion of its UK subsidiary, Willis Aviation Services Limited (WASL), to include UK CAA base maintenance approvals for multiple aircraft, including the Airbus A320 family and Boeing 737NG. This development enhances WLFC’s existing maintenance capabilities at Teesside International Airport, showcasing its vertical integration in the engine and aircraft MRO services. Senior Vice President Garry Failler highlighted that this approval adds significant value to the Willis Platform and its customer base.
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