Willis Lease Finance Corporation, traded on NASDAQ under the ticker WLFC, is engaged in the leasing of commercial aircraft engines and spare parts to airlines and service providers worldwide. The company integrates its leasing activities with trading, asset management, and maintenance, repair, and overhaul (MRO) services.

For the fourth quarter and full year 2024, Willis Lease reported a significantly positive financial performance, indicating a strong upward trajectory. Total revenues for the fourth quarter reached $152.8 million, marking a 33.7% increase from the previous year’s $114.3 million. For the entire year, total revenues climbed to a record $569.2 million, up 36% compared to the $418.6 million generated in 2023.

Pre-tax income for 2024 also increased substantially, rising to $152.6 million, a 127% boost from $67.1 million recorded for the previous year. In the fourth quarter alone, pre-tax income of $30.4 million represented a 44.8% rise compared to $21 million in the same quarter of 2023.

Core lease rent revenue experienced a notable increase, with 2024 figures totaling $238.2 million, an 11.8% rise from $213.1 million in 2023. Additionally, maintenance reserve revenue grew by 60% to $213.9 million from $133.7 million the year before. Short-term maintenance reserve revenues accounted for $174.5 million of this, compared to $118.3 million in 2023, reflecting the expanding lease portfolio.

Leverage, measured as total debt obligations net of cash and restricted cash to equity, slightly increased to 3.48x at the end of 2024, up from 3.25x in Q3 2024. This rise was attributed to strategic asset purchases. The company acquired nearly $1 billion in engines and aircraft throughout 2024 and reported a robust total owned portfolio of $2.87 billion at the year-end.

Net income attributable to common shareholders surged 158.5% in 2024, reaching $104.4 million, compared to $40.4 million in 2023. Diluted earnings per share stood at $15.34, more than doubling from $6.23 the previous year.

The company declared and paid dividends of $0.25 per share for three consecutive quarters during 2024, alongside a special one-time dividend of $1 per share. G&A expenses rose to $146.8 million for the year, up 26.8% from $115.7 million in 2023, primarily driven by personnel costs including approximately $14.4 million in share-based compensation.

The firm’s balance sheet exhibited considerable growth, with lease assets rising to $2.87 billion from $2.22 billion in 2023. The effective gain on sale of leased equipment reached $45.1 million in 2024, showing a dramatic increase from $10.6 million in 2023, due to the sale of 35 engines and eight airframes, compared to 28 engines and one airframe sold in the prior year.

Overall, Willis Lease Finance Corporation’s financial results for 2024 underline a robust growth trajectory, characterized by record revenues, increased profitability, and strategic investments to enhance its operational capacity and market position.