Willis Lease Finance Q3 revenue jumps 34% on equipment sales

Willis Lease Finance

Tue 11:45

Overview
Aircraft engine lessor's Q3 revenue rose 34% yr/yr to record high
Q3 net income attributable to common shareholders fell 55% yr/yr
Revenue growth driven by equipment sales and increased lease portfolio size

Outlook
Company did not provide specific financial guidance for the current or future periods in the press release

Result Drivers
EQUIPMENT SALES - Co said Q3 revenue increase was primarily driven by sale of five aircraft, two engines, and one airframe acquired in connection with WNG Acquisition
LEASE PORTFOLIO GROWTH - Co attributed higher lease rent revenue to increased average portfolio size and strong lease rate factor
MAINTENANCE SERVICES - Co reported maintenance services revenue rose 208% yr/yr, reflecting higher demand for engine and aircraft maintenance offerings

Company press release: ID:nGNXb5tLrX

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Revenue
 
$246.30 mln
 
Q3 EPS
 
$0.47
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the business support services peer group is "buy"
Wall Street's median 12-month price target for Willis Lease Finance Corporation is $70.50, about 60.4% above its November 2 closing price of $43.96
The stock recently traded at 7 times the next 12-month earnings vs. a P/E of 13 three months ago

Reuters Recommended Reads
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Nov 3 - Air India seeks more wide-body jets, sees profitability 'very soon,' CEO says
Nov 2 - Delta CEO says Heathrow plan to relocate airline's operations is 'deeply disappointing'

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)