NOVATO, Calif., May 8 (Bernama-GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ:WLFC) today reported a pre-tax profit of $9.6 million in the first quarter of 2018. The Company achieved record quarterly lease rent revenue of $39.6 million in the period driven by 86% average utilization of a portfolio that grew 9.2% to $1.466 billion at quarter-end compared to $1.343 billion at December 31, 2017. Aggregate lease rent and maintenance reserve revenues were $55.1 million for the first quarter 2018. Diluted weighted average earnings per common share was $1.00 for the three months ended March 31, 2018.
“We have continued to maintain strong lease engine utilization while growing the portfolio with the purchase of modern new engines,” said Charles F. Willis, Chairman and CEO. “We plan to maintain strong utilization while growing not only the lease engine portfolio but also our surplus material, asset management and consultancy businesses.”
“The first quarter of 2018 was marked by a tremendous amount of activity across the Platform, including in leasing, acquisitions, spare parts sales and our asset management and services businesses and our people have done a tremendous job managing all of this activity,” said Brian R. Hole, President. “We, and our customers, are very fortunate to have such a dedicated and talented group of professionals leading this Company forward.”
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