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Willis Lease Finance Corp down nearly 50% in 2010

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%;
  • 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%.

Selected Lessors daily share price movements (% change): 14-Mar-2011