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Willis Lease Finance Corporation (WLFC)

NasdaqGM - NasdaqGM Real Time Price. Currency in USD
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27.00+1.16 (+4.49%)
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Previous Close25.84
Open25.78
Bid0.00 x 1100
Ask0.00 x 1100
Day's Range25.09 - 27.26
52 Week Range14.11 - 74.46
Volume12,724
Avg. Volume17,890
Market Cap161.328M
Beta (5Y Monthly)0.72
PE Ratio (TTM)4.65
EPS (TTM)5.81
Earnings DateNov 02, 2020 - Nov 06, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
Fair Value is the appropriate price for the shares of a company, based on its earnings and growth rate also interpreted as when P/E Ratio = Growth Rate. Estimated return represents the projected annual return you might expect after purchasing shares in the company and holding them over the default time horizon of 5 years, based on the EPS growth rate that we have projected.
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170% Est. Return
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  • GlobeNewswire

    Willis Lease Finance Corporation Reports Second Quarter Pre-tax Profit of $9.7 million

    COCONUT CREEK, Fla., Aug. 05, 2020 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ: WLFC) today reported second quarter total revenues of $75.0 million and pre-tax profit of $9.7 million. The Company reported lower revenue in the second quarter of 2020 than the prior year period due primarily to the impact the COVID-19 pandemic has had on the aviation industry, generally, leading to reduced revenues in the core leasing business. Aggregate lease rent and maintenance reserve revenues were $68.4 million for the second quarter of 2020. “We are pleased to have maintained profitability in the second quarter, with $9.7 million of reported pre-tax income, given the unprecedented impacts the COVID-19 pandemic has had on our industry,” said Charles F. Willis, Chairman and CEO. “As we have from the beginning of this event, we are working closely with our global customer base to provide tailored lease and service solutions while also maintaining a focus on the strength of our own balance sheet and liquidity."“At this point, our customers are fighting to survive what essentially has been the disappearance of a flying public,” said Brian R. Hole, President. “We believe we are well-positioned, though, to support the recovery by leveraging our entire Platform, from available financing, hundreds of lease engines and aircraft, technical services, aircraft storage and maintenance, surplus material and a multitude of specialized programs, all of which are designed to drive out cost and help our customers return to profitability.”Second Quarter 2020 Highlights (at or for the periods ended June 30, 2020, as compared to June 30, 2019, and December 31, 2019): * Total revenue was $75.0 million in the second quarter of 2020, a 21.7% decrease when compared to $95.8 million in the same quarter of 2019. * Lease rent revenue was $38.5 million in the second quarter of 2020. * Maintenance reserve revenue was $30.0 million in the second quarter of 2020, an increase of $3.5 million, or 13.3%, compared to $26.5 million in the same quarter of 2019. Long term maintenance reserve revenue, which is influenced by end of lease compensation, increased to $27.2 million for the second quarter of 2020, compared to $6.7 million in the comparable prior period. Short term maintenance reserve revenue, which is influenced by lease asset usage, was $2.8 million for the second quarter of 2020 compared to $19.8 million in the comparable prior period. * Spare parts and equipment sales were $2.9 million in the second quarter of 2020, compared to $14.6 million during the same quarter of 2019. * Income before income taxes was $9.7 million in the second quarter of 2020, compared to $21.8 million in the same quarter of 2019 and was $18.3 million in the first half of 2020, compared to $49.6 million in the first half of 2019. * Our equipment held for operating lease portfolio was $1.654 billion at June 30, 2020, compared to $1.651 billion at December 31, 2019. * The book value of lease assets we own directly or through our joint ventures was $2.0 billion at June 30, 2020. As of June 30, 2020, the Company also managed 402 engines, aircraft and related equipment on behalf of third parties. * The Company maintained $447 million of undrawn revolver capacity at June 30, 2020. * Under the Company’s repurchase plan, the Company repurchased a total of 54,626 shares of common stock in the second quarter of 2020 for $1.5 million. * Diluted weighted average earnings per common share was $0.74 for the second quarter of 2020, compared to $2.66 in the similar period in 2019. * Book value per diluted weighted average common share outstanding increased to $58.56 at June 30, 2020, compared to $57.83 at December 31, 2019.Balance SheetAs of June 30, 2020, the Company’s $1.654 billion equipment held for operating lease portfolio consisted of 264 engines, 10 aircraft and 11 other leased assets. As of December 31, 2019, the Company’s $1.651 billion equipment held for operating lease portfolio consisted of 263 engines, 10 aircraft and 11 other leased assets.Willis Lease Finance CorporationWillis Lease Finance Corporation leases large and regional spare commercial aircraft engines, auxiliary power units and aircraft to airlines, aircraft engine manufacturers and maintenance, repair and overhaul providers in 120 countries. These leasing activities are integrated with engine and aircraft trading, engine lease pools and asset management services supported by cutting edge technology through its subsidiary, Willis Asset Management Limited, as well as various end-of-life solutions for engines and aviation materials provided through its subsidiary, Willis Aeronautical Services, Inc.Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them. Our actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include, but are not limited to: the effects on the airline industry and the global economy of events such as terrorist activity and the COVID-19 pandemic; changes in oil prices and other disruptions to the world markets; trends in the airline industry and our ability to capitalize on those trends, including growth rates of markets and other economic factors; risks associated with owning and leasing jet engines and aircraft; our ability to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; changes in interest rates and availability of capital, both to us and our customers; our ability to continue to meet changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in our portfolio; and risks detailed in the Company’s Annual Report on Form 10-K and other continuing reports filed with the Securities and Exchange Commission.Unaudited Consolidated Statements of Income (In thousands, except per share data) Three Months Ended June 30,   Six Months Ended June 30,    2020 2019 % Change 2020 2019 % Change REVENUE            Lease rent revenue$38,454  $45,025  (14.6)% $84,849  $93,394  (9.1)% Maintenance reserve revenue29,986  26,475  13.3 % 50,514  51,825  (2.5)% Spare parts and equipment sales2,855  14,586  (80.4)% 11,960  32,088  (62.7)% (Loss) Gain on sale of leased equipment(700) 5,120  (113.7)% 1,367  14,690  (90.7)% Other revenue4,388  4,591  (4.4)% 7,902  7,569  4.4 % Total revenue74,983  95,797  (21.7)% 156,592  199,566  (21.5)%              EXPENSES            Depreciation and amortization expense23,764  20,043  18.6 % 47,154  40,301  17.0 % Cost of spare parts and equipment sales2,648  12,585  (79.0)% 9,336  26,997  (65.4)% Write-down of equipment6,997  3,262  114.5 % 9,126  4,367  109.0 % General and administrative15,228  21,389  (28.8)% 34,795  42,829  (18.8)% Technical expense1,468  1,407  4.3 % 2,595  3,195  (18.8)% Net finance costs:            Interest expense16,089  16,781  (4.1)% 31,785  34,660  (8.3)% Loss on debt extinguishment—  220  (100.0)% 4,688  220  2,030.9 % Total net finance costs16,089  17,001  (5.4)% 36,473  34,880  4.6 % Total expenses66,194  75,687  (12.5)% 139,479  152,569  (8.6)%              Earnings from operations8,789  20,110  (56.3)% 17,113  46,997  (63.6)% Earnings from joint ventures948  1,676  (43.4)% 1,155  2,622  (55.9)% Income before income taxes9,737  21,786  (55.3)% 18,268  49,619  (63.2)% Income tax expense4,365  4,811  (9.3)% 8,610  11,766  (26.8)% Net income5,372  16,975  (68.4)% 9,658  37,853  (74.5)% Preferred stock dividends811  810  0.1 % 1,621  1,611  0.6 % Accretion of preferred stock issuance costs21  21  — % 42  42  — % Net income attributable to common shareholders$4,540  $16,144  (71.9)% $7,995  $36,200  (77.9)%              Basic weighted average earnings per common share$0.76  $2.75    $1.35  $6.22    Diluted weighted average earnings per common share$0.74  $2.66    $1.31  $6.01                 Basic weighted average common shares outstanding6,012  5,866    5,936  5,823    Diluted weighted average common shares outstanding6,098  6,061    6,111  6,020    Unaudited Consolidated Balance Sheets (In thousands, except per share data)  June 30, 2020  December 31, 2019 ASSETS         Cash and cash equivalents $100,096  $6,720  Restricted cash 71,312  56,948  Equipment held for operating lease, less accumulated depreciation 1,653,695  1,650,918  Maintenance rights 767  3,133  Equipment held for sale 50  120  Receivables, net of allowances 41,678  24,059  Spare parts inventory 50,670  41,759  Investments 58,865  57,936  Property, equipment & furnishings, less accumulated depreciation 32,260  31,520  Intangible assets, net 1,282  1,312  Notes receivable 170,362  38,145  Other assets 28,534  28,038  Total assets $2,209,571  $1,940,608        LIABILITIES, REDEEMABLE PREFERRED STOCK AND SHAREHOLDERS’ EQUITY     Liabilities:     Accounts payable and accrued expenses $32,359  $45,648  Deferred income taxes 117,915  110,418  Debt obligations 1,520,240  1,251,006  Maintenance reserves 100,179  106,870  Security deposits 22,841  20,569  Unearned revenue 8,489  6,121  Total liabilities 1,802,023  1,540,632        Redeemable preferred stock ($0.01 par value) 49,680  49,638        Shareholders’ equity:     Common stock ($0.01 par value) 66  64  Paid-in capital in excess of par 7,203  4,557  Retained earnings 356,960  348,965  Accumulated other comprehensive loss, net of tax (6,361) (3,248) Total shareholders’ equity 357,868  350,338  Total liabilities, redeemable preferred stock and shareholders’ equity $2,209,571  $1,940,608  CONTACT: Scott B. Flaherty Chief Financial Officer (561) 349-9989

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  • Do Hedge Funds Love Willis Lease Finance Corporation (WLFC)?
    Insider Monkey

    Do Hedge Funds Love Willis Lease Finance Corporation (WLFC)?

    In this article we will check out the progression of hedge fund sentiment towards Willis Lease Finance Corporation (NASDAQ:WLFC) and determine whether it is a good investment right now. We at Insider Monkey like to examine what billionaires and hedge funds think of a company before spending days of research on it. Given their 2 […]