Willis Lease 1st-quarter profit shrinks

Willis Lease Finance Corp., a lender of jet engines and aircraft to airlines and other aviation clients, said Monday that its first-quarter profit fell on higher expenses, including greater financing costs from an increase in debt.

After paying preferred dividends, Willis Lease reported net income available to common shareholders of $2.3 million, or 24 cents per share, down from $6.2 million, or 71 cents per share, in the year-ago period, when the company had a one-time positive tax adjustment of $1.8 million.

Revenue rose 3 percent to nearly $35.7 million from $34.6 million.

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But that gain was offset by a 17.5 percent rise in expenses to nearly $31.2 million from $26.5 million. Total net finance costs jumped 28 percent compared with a year ago, reflecting increased debt levels as well as a higher interest rate on a recently renewed revolving credit facility. Other key expense components, including depreciation expenses and general and administrative expenses, also rose.

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The company, based in Novato, Calif., said its lease portfolio increased 13 percent from the year-ago period, to offset lower portfolio utilization.

Shares of Willis Lease rose 69 cents, or 5.8 percent, to $12.50 in afternoon trading. The stock has ranged from $10.50 to $17.61 over the past year.