Willis Lease Finance Corporation Reports 36% Revenue Growth to $569.2 Million for Fiscal Year 2024

Willis Lease Finance Corporation (WLFC) reported significant financial growth for the fiscal year ending December 31, 2024, with total revenues reaching $569.2 million, a 36% increase from $418.6 million in 2023. The company's lease rent revenue rose by 11.8% to $238.2 million, driven by an expanded portfolio size, despite a slight decrease in average utilization rates. Maintenance reserve revenue saw a notable increase of 60% to $213.9 million, attributed to higher levels of usage fees and the timing of revenue recognition from engines coming off lease. Additionally, WLFC recorded a substantial gain on the sale of leased equipment, amounting to $45.1 million, compared to $10.6 million in the previous year.

The company's operating lease portfolio grew to $2.6 billion, up from $2.1 billion in 2023, reflecting an increase in the number of engines and aircraft under lease. As of December 31, 2024, WLFC managed a total of 277 engines and aircraft for other parties, further diversifying its revenue streams. The company also reported a total of 70 lessees across 37 countries, with approximately 66.3% of its leased equipment operated internationally. The increase in customer count and geographic diversification indicates a strategic expansion in WLFC's operational footprint.

Operationally, WLFC's employee headcount rose to 447, with a focus on enhancing its aircraft tear-down and repair services. The company has also made significant investments in its spare parts inventory, which reached $72.2 million, reflecting the growing demand for surplus materials as operators extend the lives of their current engine portfolios. The company’s strategic initiatives, including joint ventures with Mitsui & Co. and China Aviation Supplies Import & Export Corporation, have bolstered its market presence and operational capabilities.

Looking ahead, WLFC anticipates continued growth driven by the increasing demand for leased aircraft engines, particularly in the Asia-Pacific region. The company is committed to maintaining its competitive edge through strategic acquisitions and effective asset management. However, WLFC acknowledges potential risks, including fluctuations in interest rates and geopolitical uncertainties, which could impact its financial performance. The company remains focused on optimizing its portfolio and enhancing shareholder value through disciplined financial management and operational excellence.