Willis Lease Finance Corporation (WLFC) reported significant financial growth for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Total revenue for Q3 2024 reached $146.2 million, a 38.3% increase from $105.7 million in Q3 2023. This growth was driven by a 21.2% rise in lease rent revenue to $64.9 million and a 32.0% increase in maintenance reserve revenue to $49.8 million. Additionally, the company realized a substantial gain on the sale of leased equipment, amounting to $9.5 million, compared to $0.8 million in the prior year.
For the nine months ended September 30, 2024, total revenue was $416.4 million, reflecting a 36.9% increase from $304.3 million in 2023. Key contributors included a 62.0% rise in maintenance reserve revenue and a significant increase in gains from equipment sales, which totaled $33.1 million in 2024, up from $5.1 million in 2023.
Net income for Q3 2024 was $24.1 million, compared to $14.6 million in Q3 2023, while net income for the nine-month period surged to $87.6 million from $32.8 million in the previous year. The basic weighted average income per common share increased to $3.51 for Q3 2024, up from $2.16 in Q3 2023.
The company’s total assets grew to $3.04 billion as of September 30, 2024, from $2.65 billion at the end of 2023. This increase was primarily attributed to a rise in equipment held for operating leases, which reached $2.44 billion, up from $2.11 billion. Total liabilities also increased to $2.46 billion from $2.16 billion, reflecting higher debt obligations.
Strategically, WLFC entered into a new $1.0 billion revolving credit facility on October 31, 2024, aimed at supporting ongoing business growth. The company also refinanced its Series A Preferred Stock into a single series totaling $65.0 million, with quarterly dividends accruing at 8.35% per annum.
Operating cash flows for the nine months ended September 30, 2024, were $216.4 million, a 28.1% increase from $169.0 million in 2023, driven by higher maintenance reserve revenue and improved collections on receivables. The company maintained compliance with all financial covenants as of the reporting date.
About WILLIS LEASE FINANCE CORP
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