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Shares of Willis Lease Finance Corporation WLFC have declined 9.2% since the company reported its earnings for the quarter ended Dec. 31, 2024. This compares to the S&P 500 index’s 3.6% decline over the same time frame. Over the past month, the stock has fallen 15.1% compared with the S&P 500’s 9.1% decline.
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Willis Lease Finance reported earnings per share (EPS) of $2.81 in the fourth quarter of 2024, up from $1.53 a year ago.
The company’s revenues came in at $152.8 million, marking a 33.7% increase from $114.3 million in the prior-year quarter. Lease rent revenues rose 24.4% year over year to $64.6 million in the fourth quarter, while maintenance reserve revenues surged 54.8% to $57.4 million. Gain on sale of leased equipment more than doubled to $11.9 million, reflecting higher sales volumes and strong asset pricing.
Net income attributable to common shareholders for the fourth quarter stood at $19.6 million, a 95.5% increase from $10 million in the year-ago quarter.
Willis Lease Finance Corporation Price, Consensus and EPS Surprise
Willis Lease Finance Corporation price-consensus-eps-surprise-chart | Willis Lease Finance Corporation Quote
Business Performance and Key Metrics
The company’s lease portfolio expanded significantly in 2024, growing to $2.9 billion from $2.2 billion in the previous year. The portfolio now comprises 354 engines, 16 aircraft and other assets, with increased investments in next-generation technology such as LEAP and GTF engines.
Willis Lease Finance delivered record results in 2024, with total annual revenue reaching $569.2 million, up 36% from $418.6 million in 2023. For the full year, EPS was $15.34, more than doubling from $6.23 in 2023.
Maintenance reserve revenues were a key growth driver, reaching $213.9 million in 2024, up 60% from $133.7 million in 2023. Short-term maintenance revenues accounted for $174.5 million, a 47.5% increase year over year, as the company benefited from a rising number of short-term lease agreements. Spare parts and equipment sales also grew 33.1% to $27.1 million, reflecting higher demand for surplus materials.
Management Commentary and Strategic Focus
CEO Austin Willis highlighted the company's success in profitably, deploying nearly $1 billion in capital throughout 2024. The firm acquired a mix of current and future technology assets, further positioning itself for long-term growth. Management also pointed to its flywheel business model as a key differentiator in the aviation leasing market, enabling strong asset turnover and optimized returns.