Willis Lease Finance Corporation (WLFC) has reported 103.62 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $8.17 million, or $1.26 a share in the quarter, compared with $4.01 million, or $0.55 a share for the same period last year.
Revenue during the quarter surged 53.68 percent to $77.95 million from $50.72 million in the previous year period. Gross margin for the quarter contracted 2093 basis points over the previous year period to 71.25 percent. Total expenses were 83.90 percent of quarterly revenues, down from 86.44 percent for the same period last year. This has led to an improvement of 255 basis points in operating margin to 16.10 percent.
Operating income for the quarter was $12.55 million, compared with $6.88 million in the previous year period.
"We continue to produce strong pre-tax financial results in 2017, realizing our most profitable quarter since 2008," said Charles F. Willis, chairman and chief executive officer. "Utilization remains strong at 89% at the end of the first quarter, our lease portfolio is growing and Willis Aero is delivering better than expected revenues and margin."
Debt moves up marginally
Willis Lease Finance Corporation has witnessed an increase in total debt over the last one year. It stood at $872.20 million as on Mar. 31, 2017, up 2.61 percent or $22.17 million from $850.03 million on Mar. 31, 2016. Willis Lease Finance Corp has witnessed an increase in short-term debt over the last one year. It stood at $872.20 million as on Mar. 31, 2017, up 2.61 percent or $22.17 million from $850.03 million on Mar. 31, 2016. Total debt was 65.93 percent of total assets as on Mar. 31, 2017, compared with 66.54 percent on Mar. 31, 2016. Debt to equity ratio was at 4.24 as on Mar. 31, 2017, up from 4.05 as on Mar. 31, 2016.
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