Willis Lease Finance Corporation (WLFC) has reported 56.21 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $3.98 million, or $0.62 a share in the quarter, compared with $2.55 million, or $0.32 a share for the same period last year.
Revenue during the quarter dropped 10.86 percent to $51.46 million from $57.73 million in the previous year period. Gross margin for the quarter expanded 994 basis points over the previous year period to 90.17 percent. Total expenses were 88.59 percent of quarterly revenues, down from 92.91 percent for the same period last year. This has led to an improvement of 432 basis points in operating margin to 11.41 percent.
Operating income for the quarter was $5.87 million, compared with $4.09 million in the previous year period.
“Our core leasing business continued to drive top line growth and bottom line profitability, achieving 92% utilization at quarter end," said Charles F. Willis, chairman and chief executive officer. "At the moment, we continue to see strong leasing demand across all engine types, and we are actively growing the portfolio to meet that demand.
Debt moves up marginallyWillis Lease Finance Corporation has witnessed an increase in total debt over the last one year. It stood at $885.64 million as on Sep. 30, 2016, up 3.93 percent or $33.49 million from $852.16 million on Sep. 30, 2015. Short-term debt stood at $885.64 million as on Sep. 30, 2016. Total debt was 68.58 percent of total assets as on Sep. 30, 2016, compared with 66.31 percent on Sep. 30, 2015. Debt to equity ratio was at 4.51 as on Sep. 30, 2016, up from 3.88 as on Sep. 30, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
