Willis Lease Finance soars on superior Q2 revenue
Willis Lease Finance Corp. (Nasdaq: WLFC), a Sausalito, Calif.-based company that leases jet engines and parts to commercial airlines, reported a 48% jump in second-quarter revenue versus a year ago. Willis Lease announced net income of $4.4 million ($0.42 per share) for the period ended June 30, up from $1.6 million ($0.08 per share) during the same period of 2006. The firm’s quarterly revenue was $30.9 million, compared with $20.9 million during the prior year’s second quarter.
At June 30, Willis Lease Finance had 136 commercial jet engines, 3 aircraft parts packages, 4 aircraft and other engine-related equipment. During the quarter, Willis Lease’s portfolio valuation grew 13% to $643.7 million, from $560 million a year earlier. The average quarterly utilization of jet engines was 96% compared to 92% in the year-ago period.
“We are continuing to see robust demand for our leased engines, which drove utilization to a record level in May 2007 and contributed to the addition of new customers in emerging markets,” CEO Charles Willis said in a statement.
He said the company is experiencing strong demand for its products.
At the second quarter’s close, the company had $95 million of availability under its revolving credit and warehouse facilities, compared with $118 million a year earlier.
In today’s trading, shares were flying high - jumping 19.3%, or $2.16, to close at $13.35. Over the last 52 weeks, shares have fluctuated between $7.41 and $14.73.
