PROFITABLE THIRD QUARTER FOR WILLIS LEASE FINANCE

TESTCustomwebLP TESTCustomwebLP
By TESTCustomwebLP TESTCustomwebLP November 9, 2010 21:16

PROFITABLE THIRD QUARTER FOR WILLIS LEASE FINANCE

Willis Lease Finance Corporation has reported a net income of $3.1 million in the third quarter of 2010, compared to $9.3 million in the third quarter a year ago. After payment of preferred dividends, net income available to common shareholders was $2.3 million or $0.25 per diluted common share in the third quarter of 2010, compared to $1.1 million or $0.12 per diluted share in the second quarter of 2010 and $8.5 million or $0.93 per diluted share in the third quarter a year ago. For the first nine months of 2010, net income available to common shareholders totalled $5.7 million or $0.62 per diluted share compared to $19.0 million or $2.10 per diluted share in the first nine months of 2009.

During the third quarter and in the year to date, Willis Lease increased its lease portfolio by 2% year-over-year to $940.6 million; no new engines purchased and four engines sold during the third quarter of 2010. The lessor also signed a Memorandum of Understanding to purchase six Sukhoi Superjet (SSJ) 100 aircraft and options for four additional aircraft with the first delivery scheduled for September 2012.

“The aviation industry is rebounding from the severe downturn over the past two years,” says Charles F Willis, president and CEO. “Many carriers all around the world have experienced huge increases in revenues so far this year compared to last year. Gains of 20-30% have been quite common. Increased traffic and previous capacity reductions have pushed load factors to new highs in many instances. The revenue gains have more than offset higher fuel costs, driving profitability increases across the industry. In the third quarter, most of the US carriers are well into the black. Strong airline performance is also evident in China, parts of Asia, South America, the Gulf region and some parts of Europe. In fact if the IATA projections prove to be accurate, 2010 will be one of the most profitable years in a long time for the airline industry. As the industry recovers, fleet utilization is increasing, parked aircraft are returning to service, previously deferred engine overhauls are beginning to lead to more shop visits, and more cash is available for growth. These are all conditions that support greater demand for leased engines. As the demand continues to grow, excess supplies of spare engines will be reduced and lease rents will rise. This won’t happen overnight; it will take some time, but the underlying elements are coming together to permit this to happen.”

TESTCustomwebLP TESTCustomwebLP
By TESTCustomwebLP TESTCustomwebLP November 9, 2010 21:16
Write a comment

No Comments

No Comments Yet!

Let me tell You a sad story ! There are no comments yet, but You can be first one to comment this article.

Write a comment

Only <a href="http://www.aviationnews-online.com/wp-login.php?redirect_to=http%3A%2F%2Fwww.aviationnews-online.com%2Fleasing%2Fprofitable-third-quarter-for-willis-lease-finance%2F"> registered </a> users can comment.