COCONUT CREEK, Fla. - Willis Lease Finance Corporation (NASDAQ: WLFC), a prominent lessor of commercial aircraft engines with a market capitalization of $1.39 billion, has announced a significant service agreement through its subsidiary Willis Aviation Services Limited (WASL). The company has secured a long-term General Terms Agreement with the UK-based leisure airline Jet2.com to perform C Checks on their fleet of B737NG aircraft. According to InvestingPro data, WLFC has demonstrated remarkable performance with a 359% return over the past year, suggesting strong market confidence in its business model.
The maintenance, repair, and overhaul (MRO) services will be carried out at WASL's advanced facility located at Teesside International Airport in Northeastern England. This collaboration is set to support Jet2.com's commitment to high safety and performance standards, while also contributing to economic growth and job creation in the UK aerospace sector.
Austin C. Willis, CEO of Willis Lease Finance Corporation, expressed enthusiasm about the partnership, emphasizing the company's dedication to providing top-tier MRO solutions and fostering growth in the local industry. Jet2.com's Director of Engineering & Maintenance, Chris Hubbard, also highlighted the airline's focus on safety and reliability, expressing confidence in WASL's capabilities to maintain their fleet's high standards.
This agreement is expected to not only enhance Jet2.com's operational excellence but also strengthen Willis Lease Finance Corporation's position as a leader in aviation services. The company offers a range of services including engine and aircraft leasing, asset management, and end-of-life solutions for aviation materials through its various subsidiaries. With a P/E ratio of 14.37 and revenue growth of 35.45% in the last twelve months, WLFC shows strong operational momentum. InvestingPro subscribers have access to 8 additional key insights about WLFC's financial health and growth prospects.
Investors should note that while this press release contains forward-looking statements regarding future events and the company's performance, these are not guarantees and are subject to change. Based on InvestingPro Fair Value analysis, the stock currently appears slightly overvalued at $210.19. The company operates with a significant debt burden, with short-term obligations exceeding liquid assets, as indicated by a current ratio of 0.68. The company has made it clear that it does not intend to update these statements unless required by law. Factors that could influence actual results include industry trends, market disruptions, and regulatory changes, among others.
This news is based on a press release statement from Willis Lease Finance Corp. and reflects the company's current expectations for its strategic partnership with Jet2.com.
In other recent news, Willis Lease Finance Corporation has extended the contract of its President, Brian R. Hole, as documented in a recent 8-K filing with the U.S. Securities and Exchange Commission. The new agreement confirms Hole's leadership role, setting his annual base salary at $663,706 with a target bonus opportunity at 85% of his base salary. The contract also includes an immediate grant of 11,066 shares of restricted stock and several provisions for Hole's professional development and benefits.
In addition, the company's Compensation Committee, comprised solely of independent directors, recently awarded its Founder and Executive Chairman, Charles F. Willis, a one-time grant of fully vested restricted stock units valued at $3 million. This decision was reached after assessing the company's record pre-tax income in the first and second quarters of 2024.
These are among the latest developments in Willis Lease Finance Corporation, demonstrating the company's commitment to leadership stability and alignment of executive compensation with shareholder interests.
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