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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) announced its investment into regional aviation by purchasing four ATR 72-500 aircraft from Investec Bank plc. This strategic acquisition aims to broaden Willis’s portfolio in regional aircraft leasing, enhancing their existing engine leasing business. The ATR 72-500, known for its efficiency, is expected to appeal to both passenger and cargo airlines. The transaction reinforces the partnership with Investec, marking a significant step in their turboprop asset management strategy.
Willis Lease Finance Corporation (NASDAQ: WLFC) reported second quarter revenues of $66.5 million, a decline of 11.4% from $75.0 million in the same quarter of 2020. The company experienced a pre-tax loss of $1.9 million, contrasting with a profit of $9.7 million a year earlier, primarily due to the pandemic's impact on global travel.
Lease rent revenue fell to $32.4 million, down from $38.5 million, while maintenance reserve revenue decreased by 42.4%. Notably, the company completed a $336.7 million asset-backed securitization and secured agreements for long-term leases with Scandinavian Airlines.
Willis Lease Finance Corporation (NASDAQ: WLFC) announced the pricing of $336.7 million in fixed-rate notes through its subsidiary, Willis Engine Structured Trust VI (WEST). The notes include Series A ($278.6 million, 3.104% coupon), Series B ($38.7 million, 5.438% coupon), and Series C ($19.4 million, 7.385% coupon). The notes will be secured by a portfolio of 29 aircraft engines and one airframe. The closing date is set for May 17, 2021. These notes are targeted at qualified institutional buyers and will not be registered under the Securities Act of 1933.
Willis Lease Finance Corporation (NASDAQ: WLFC) reported first quarter revenues of $61.1 million, a 25.1% decrease year-over-year. The company faced a pre-tax loss of $1.7 million, primarily due to the ongoing impact of the COVID-19 pandemic on global travel. Lease rent and maintenance reserve revenues totaled $51.3 million. Despite challenges, the company is innovating with new financing products and maintaining $183 million in undrawn revolver capacity. The book value per diluted share increased to $62.12.
Willis Lease Finance Corporation (NASDAQ: WLFC) announced a proposed offering of $336.7 million in fixed rate notes through its subsidiary, Willis Engine Structured Trust VI (WEST). The notes will be issued in three series: Series A ($278.6 million), Series B ($38.7 million), and Series C ($19.4 million), secured by a portfolio of 29 aircraft engines and one airframe. Proceeds will be used for issuance expenses and compensating Willis for the acquired assets. The notes are not registered under the Securities Act and will be offered to qualified institutional buyers only.
Willis Lease Finance Corporation (NASDAQ: WLFC) successfully closed its inaugural transaction using its new revolving credit lease (RCL) financing product with Scandinavian Airlines System (SAS). The RCL will finance CFM LEAP and Trent XWB engines for SAS's A320neo and Airbus A350 aircraft, enhancing liquidity and flexibility for airlines. This innovative product combines aspects of traditional leasing and revolving loans, aimed at addressing the current financing gap for advanced engine technologies. Willis Lease emphasizes its role as a leader in engine leasing and innovation.
Willis Lease Finance Corporation (NASDAQ: WLFC) reported a 29.4% decline in total revenues for 2020, totaling $288.7 million, with a pre-tax profit of $17.3 million. The downturn is attributed to the COVID-19 pandemic's impact on global travel, leading to reduced aircraft utilization and demand for spare parts. Lease rent revenue stood at $142.9 million, while maintenance reserve revenue decreased by 3.3% to $105.4 million. The company maintained $223 million of undrawn revolver capacity by year-end, and book value per share rose to $59.40.
Willis Lease Finance Corporation (NASDAQ: WLFC) announced the acquisition of 25 PW1100G-JM and PW1500G GTF™ aircraft engines from Pratt & Whitney, valued at over $400 million. This purchase includes a long-term maintenance agreement, enhancing their engine delivery capabilities through a 'just in time' model. The transaction supports the company’s ConstantAccess™ program, catering to airline demands for timely engine availability. Willis Lease operates globally, leasing engines and aircraft while providing asset management services.
Willis Lease Finance Corporation (NASDAQ: WLFC) reported Q3 2020 revenues of $70.6 million, reflecting a 41.3% decline from Q3 2019's $120.4 million, largely due to COVID-19's impact on the aviation industry. Pre-tax profit stood at $6.0 million, down from $31.1 million a year earlier. Lease and maintenance reserve revenues totaled $62.3 million, while spare parts sales dropped to $2.9 million from $24.4 million. Despite challenges, the company's liquidity and innovative solutions position it to navigate the evolving market.
Willis Lease Finance Corporation (NASDAQ: WLFC) reported second quarter 2020 revenues of $75.0 million, a 21.7% decrease from $95.8 million in 2019, primarily due to COVID-19's impacts on the aviation industry. The company maintained a pre-tax profit of $9.7 million. Lease rent revenue totaled $38.5 million, while maintenance reserve revenue increased by 13.3% to $30.0 million. Despite challenges, WLFC sustained its balance sheet strength and liquidity, managing 402 engines and holding $1.654 billion in operating lease assets.
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