{"id":457531,"date":"2021-03-15T08:33:17","date_gmt":"2021-03-15T12:33:17","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=457531"},"modified":"2021-03-15T08:33:17","modified_gmt":"2021-03-15T12:33:17","slug":"willis-lease-finance-corporation-reports-annual-pre-tax-profit-of-17-3-million","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/willis-lease-finance-corporation-reports-annual-pre-tax-profit-of-17-3-million\/","title":{"rendered":"Willis Lease Finance Corporation Reports\u00a0Annual Pre-tax Profit of $17.3 million"},"content":{"rendered":"
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COCONUT CREEK, Fla., March 15, 2021 (GLOBE NEWSWIRE) — Willis Lease Finance Corporation (NASDAQ: WLFC) today reported annual total revenues of $288.7 million and pre-tax profit of $17.3 million for the year ended December\u00a031, 2020. The Company reported lower revenue in 2020 when compared to the prior year, primarily due to the impact of the COVID-19 pandemic. The slowdown in global travel has led to a reduction in aircraft and engine utilization as well as a reduction in demand for aircraft and engine spare parts which keep airline fleets in operation. For the year ended December\u00a031, 2020, aggregate lease rent and maintenance reserve revenues were $248.3 million and spare parts and equipment sales were $18.6 million.<\/p>\n

\u201cThe COVID-19 pandemic obviously has had a dramatic impact on global travel and the aircraft and aircraft engine lessors, including our Company, have felt the effects of the slowdown,\u201d said Charles F. Willis, Chairman and CEO. \u201cWe have worked hard this year to protect our own liquidity, focus on our customers and invest in new technology equipment, which we believe has positioned the Company well for continued growth and the industry\u2019s eventual emergence from this crisis.\u201d<\/p>\n

\u201cThe entire industry has suffered as a result of the pandemic-driven disappearance of air travel, but we are proud of the way we have navigated this crisis and the way our employees have delivered for our shareholders and our customers,\u201d said Brian R. Hole, President. \u201cThis Company has a long track record of innovating and fighting through cycles and we are excited for the opportunity to continue that trend now.\u201d<\/p>\n

\n 2020 Highlights<\/strong> (at or for the year ended December\u00a031, 2020, as compared to December\u00a031, 2019):<\/p>\n