15-Mar-2011 3:40 PM
Willis Lease Finance Corp down nearly 50% in 2010
Analysis
Willis Lease Finance reported an improved performance in 4Q2010, helping salvage an otherwise less-than-spectacular performance for 2010. For the full-year, the engine leasing company's revenue dropped 1.4%, while total costs were up 9%.
Operating profits fell 41% to USD18.6 million, while net profit fell 46% to USD12 million. The company hopes to take the positive final quarter performance into 2011. Shares in Willis Lease eased 0.2%.
Willis Lease Finance Corp financial highlights:
- Three months ended 31-Dec-2010:
- Revenue: USD39.6 million, +2.1% year-on-year;
- Lease rent revenue: USD11.1 million, -14.9%;
- Total costs: USD33.2 million, -2.1%;
- Operating profit: USD6.5 million, +30.2%;
- Net profit: USD4.0 million, +290.5%;
- Revenue: USD39.6 million, +2.1% year-on-year;
- 12 months ended 31-Dec-2010:
- Revenue: USD148.3 million, -1.4%;
- Lease rent revenue: USD102.1 million, -0.3%;
- Total costs: USD129.7 million, +9.0%;
- Operating profit: USD18.6 million, -40.9%;
- Net profit: USD12.0 million, -46.1%;
- Total assets: 1126 million, +2.6%;
- Total liabilities: USD899.0 million, +2.5%.
- Revenue: USD148.3 million, -1.4%;
Selected Lessors daily share price movements (% change): 14-Mar-2011
