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Willis Lease Finance Corporation (WLFC)

NasdaqGM - NasdaqGM Real Time Price. Currency in USD
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44.54-1.17 (-2.56%)
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Commodity Channel Index

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Previous Close45.71
Open45.81
Bid0.00 x 900
Ask0.00 x 1100
Day's Range44.54 - 45.69
52 Week Range18.15 - 47.78
Volume5,519
Avg. Volume10,580
Market Cap277.057M
Beta (5Y Monthly)1.30
PE Ratio (TTM)334.89
EPS (TTM)0.13
Earnings DateAug 03, 2021 - Aug 09, 2021
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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  • Willis Lease Announces Pricing of $336.7 Million in Fixed Rate Notes
    GlobeNewswire

    Willis Lease Announces Pricing of $336.7 Million in Fixed Rate Notes

    COCONUT CREEK, Fla., May 10, 2021 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ: WLFC) (“Willis”), a leading lessor of commercial jet engines, announced today that its wholly-owned subsidiary, Willis Engine Structured Trust VI (“WEST”), has priced $336.7 million in aggregate principal amount of fixed rate notes (the “Notes”). As previously announced, the Notes will be issued in three series, with the Series A Notes to be issued in an aggregate principal amount of $278.6 million, the Series B Notes in an aggregate principal amount of $38.7 million and the Series C Notes in an aggregate principal amount of $19.4 million. The Notes will be secured by, among other things, WEST’s direct and indirect interests in a portfolio of 29 aircraft engines and one airframe. The planned closing date is May 17, 2021. The Series A Notes will have a fixed coupon of 3.104%, an expected maturity of approximately eight years, an expected weighted average life (based on certain modeling assumptions) of 6.9 years and a final maturity of 25 years, the Series B Notes will have a fixed coupon of 5.438%, an expected maturity of approximately eight years, an expected weighted average life (based on certain modeling assumptions) of 6.9 years and a final maturity of 25 years and the Series C Notes will have a fixed coupon of 7.385%, an expected maturity of approximately eight years, an expected weighted average life (based on certain modeling assumptions) of 4.0 years and a final maturity of 25 years. The Series A Notes will be issued at a price of 99.99481% of par, the Series B Notes will be issued at a price of 99.99996% of par and the Series C Notes will be issued at a price of 99.99869% of par. The Notes have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The Notes are being offered only to qualified institutional buyers under Rule 144A under the Securities Act and outside the United States to non-U.S. persons in reliance on Regulation S under the Securities Act. This news release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of, the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This news release is being issued pursuant to and in accordance with Rule 135c under the Securities Act. Willis Lease Finance Corporation Willis 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, 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 Willis’ Annual Report on Form 10-K and other continuing reports filed with the Securities and Exchange Commission. CONTACT:Scott B. Flaherty Chief Financial Officer (561) 349-9989

  • Willis Lease Finance Corporation Reports First Quarter Pre-tax Loss of $1.7 million
    GlobeNewswire

    Willis Lease Finance Corporation Reports First Quarter Pre-tax Loss of $1.7 million

    COCONUT CREEK, Fla., May 04, 2021 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ: WLFC) today reported first quarter total revenues of $61.1 million and pre-tax loss of $1.7 million. The Company reported lower revenue in the first quarter when compared to the prior year period, primarily due to the impact of the COVID-19 pandemic. The slowdown in global travel continues to impact aircraft and engine utilization as well as demand for aircraft and engine spare parts. For the three months ended March 31, 2021, aggregate lease rent and maintenance reserve revenues were $51.3 million and spare parts and equipment sales were $4.6 million. “Despite significant progress in the development and roll-out of COVID-19 vaccines, the pandemic continues to weigh on global travel and that, obviously, has had a negative impact on our business and the industry as a whole,” said Charles F. Willis, Chairman and CEO. “We are not satisfied with our quarterly results, but we continue to focus on the long-term and our Platform is well-positioned, whether in providing capital, assets or services, to support our customers’ slow recovery from a nearly complete and worldwide shutdown of air travel.” “Our results this quarter are disappointing, but not surprising given the lack of flying worldwide,” said Brian R. Hole, President. “Those things are out of our control so instead we are focused on what we can control. We are delivering liquidity to our customers, continuing to innovate, including closing our first transaction with our brand new revolving credit lease engine financing product, and developing programmatic solutions that will help our customers conserve capital while transitioning out of aircraft and engines or returning them to service without being forced to invest in costly maintenance.” First Quarter 2021 Highlights (at or for the periods ended March 31, 2021, as compared to March 31, 2020, and December 31, 2020): Total revenue was $61.1 million in the first quarter of 2021, a 25.1% decrease when compared to $81.6 million in the same quarter of 2020.Lease rent revenue was $31.5 million in the first quarter of 2021.Maintenance reserve revenue was $19.8 million in the first quarter of 2021, a decrease of 3.5% compared to $20.5 million in the same quarter of 2020. Long term maintenance reserve revenue, which is influenced by end of lease compensation, increased to $17.2 million in the first quarter of 2021, compared to $8.6 million in the comparable prior period. Short term maintenance reserve revenue, which is influenced by our customers’ usage of assets we lease to them, was $2.7 million in the first quarter of 2021 compared to $11.9 million in the comparable prior period.Spare parts and equipment sales were $4.6 million in the first quarter of 2021, compared to $9.1 million in the first quarter of 2020.Other revenue increased to $5.2 million, or 48.7%, in the first quarter of 2021, compared to $3.5 million in the first quarter of 2020, primarily reflecting interest income from our Notes receivable.(Loss) income before income taxes was $(1.7) million in the first quarter of 2021, compared to $8.5 million in the first quarter of 2020.Our aggregate lease assets, inclusive of our equipment held for operating lease and notes receivable, at March 31, 2021 and 2020 was $2,085.4 million and $1,813.6 million, respectively, a 15.0% year-over-year increase.The book value of lease assets we own directly or through our joint ventures was $2,420.1 million at March 31, 2021. As of March 31, 2021, the Company also managed 385 engines, aircraft and related equipment on behalf of third parties.The Company maintained $183 million of undrawn revolver capacity at March 31, 2021.Diluted weighted average (loss) earnings per common share were $(0.36) for the first quarter of 2021, compared to $0.56 in the first quarter of 2020.Book value per diluted weighted average common share outstanding increased to $62.12 at March 31, 2021, compared to $59.40 at December 31, 2020. Balance Sheet As of March 31, 2021, the Company’s $1.888 billion equipment held for operating lease portfolio and $197.6 million notes receivable represented 295 engines, eight aircraft, one marine vessel and other leased parts and equipment. As of December 31, 2020, the Company’s $1.887 billion equipment held for operating lease portfolio and $158.7 million notes receivable represented 291 engines, eight aircraft, one marine vessel and other leased parts and equipment. Willis Lease Finance Corporation Willis 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 March 31, 2021 2020 % ChangeREVENUE Lease rent revenue$31,520 $46,395 (32.1)%Maintenance reserve revenue19,812 20,528 (3.5)%Spare parts and equipment sales4,566 9,105 (49.9)%Gain on sale of leased equipment— 2,067 (100.0)%Other revenue5,227 3,514 48.7 %Total revenue61,125 81,609 (25.1)% EXPENSES Depreciation and amortization expense24,141 23,390 3.2 %Cost of spare parts and equipment sales3,809 6,688 (43.0)%Write-down of equipment1,867 2,129 (12.3)%General and administrative16,151 19,567 (17.5)%Technical expense1,310 1,127 16.2 %Net finance costs: Interest expense15,019 15,696 (4.3)%Loss on debt extinguishment— 4,688 (100.0)%Total net finance costs15,019 20,384 (26.3)%Total expenses62,297 73,285 (15.0)% (Loss) earnings from operations(1,172) 8,324 (114.1)%(Loss) earnings from joint ventures(519) 207 (350.7)%(Loss) income before income taxes(1,691) 8,531 (119.8)%Income tax (benefit) expense(359) 4,245 (108.5)%Net (loss) income(1,332) 4,286 (131.1)%Preferred stock dividends801 810 (1.1)%Accretion of preferred stock issuance costs21 21 — %Net (loss) income attributable to common shareholders$(2,154) $3,455 (162.3)% Basic weighted average (loss) earnings per common share$(0.36) $0.59 Diluted weighted average (loss) earnings per common share$(0.36) $0.56 Basic weighted average common shares outstanding5,995 5,860 Diluted weighted average common shares outstanding5,995 6,124 Unaudited Consolidated Balance Sheets(In thousands, except per share data) March 31, 2021 December 31, 2020ASSETS Cash and cash equivalents $26,490 $42,540 Restricted cash 38,274 36,385 Equipment held for operating lease, less accumulated depreciation 1,887,884 1,886,613 Maintenance rights 20,097 20,097 Equipment held for sale 2,850 2,850 Receivables, net of allowances 40,483 28,269 Spare parts inventory 57,870 59,434 Investments 56,142 53,275 Property, equipment & furnishings, less accumulated depreciation 31,169 31,753 Intangible assets, net 1,232 1,246 Notes receivable 197,552 158,708 Other assets 49,631 43,778 Total assets $2,409,674 $2,364,948 LIABILITIES, REDEEMABLE PREFERRED STOCK AND SHAREHOLDERS’ EQUITY Liabilities: Accounts payable and accrued expenses $24,391 $26,977 Deferred income taxes 118,570 116,838 Debt obligations 1,724,130 1,693,753 Maintenance reserves 88,782 82,484 Security deposits 19,658 19,522 Unearned revenue 11,988 11,637 Total liabilities 1,987,519 1,951,211 Redeemable preferred stock ($0.01 par value) 49,743 49,722 Shareholders’ equity: Common stock ($0.01 par value) 66 66 Paid-in capital in excess of par 16,580 13,696 Retained earnings 353,216 355,370 Accumulated other comprehensive income (loss), net of tax 2,550 (5,117)Total shareholders’ equity 372,412 364,015 Total liabilities, redeemable preferred stock and shareholders’ equity $2,409,674 $2,364,948 CONTACT:Scott B. Flaherty Chief Financial Officer (561) 349-9989

  • Willis Lease Announces Offering of $336.7 Million in Fixed Rate Notes
    GlobeNewswire

    Willis Lease Announces Offering of $336.7 Million in Fixed Rate Notes

    COCONUT CREEK, Fla., April 30, 2021 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ: WLFC) (“Willis”), a leading lessor of commercial jet engines, announced today that its wholly-owned subsidiary, Willis Engine Structured Trust VI (“WEST”), proposes to offer $336.7 million in aggregate principal amount of fixed rate notes (the “Notes”). It is expected that the Notes will be issued in three series, with the Series A Notes to be issued in an aggregate principal amount of approximately $278.6 million, the Series B Notes in an aggregate principal amount of approximately $38.7 million and the Series C Notes in an aggregate principal amount of approximately $19.4 million. The Notes will be secured by, among other things, WEST’s direct and indirect interests in a portfolio of 29 aircraft engines and one airframe, which WEST will acquire from Willis pursuant to an asset purchase agreement. The net proceeds of the Notes will be primarily applied to (i) pay fees and expenses related to the issuance of the Notes and (ii) pay Willis periodically over a 270-day delivery period as consideration for the aircraft engines and the airframe acquired by WEST from Willis in connection with the financing. Willis will apply any net proceeds it receives for general corporate purposes. The Notes being offered by WEST have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The Notes are being offered only to qualified institutional buyers under Rule 144A under the Securities Act and outside the United States to non-U.S. persons in reliance on Regulation S under the Securities Act. This news release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of, the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This news release is being issued pursuant to and in accordance with Rule 135c under the Securities Act. Willis Lease Finance Corporation Willis 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. CONTACT:Scott B. Flaherty Chief Financial Officer (561) 349-9989