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COCONUT CREEK, Fla. - Willis Lease Finance Corporation (NASDAQ: WLFC), a $1.24 billion market cap company known for leasing commercial aircraft engines, has secured a long-term maintenance agreement through its subsidiary Willis Aviation Services Limited (WASL) with TUI (LON:TUIT) Airways. The contract entails WASL providing base maintenance for TUI's narrowbody aircraft fleet, initially focusing on two Boeing (NYSE:BA) 737NG maintenance checks. According to InvestingPro data, WLFC has demonstrated remarkable performance with a 295.65% return over the past year.
The services will be performed at WASL's facility at Teesside International Airport, which is experiencing growth and is situated in Northeastern England. This new partnership is expected to support local economic development by creating skilled jobs within the UK's aerospace sector.
Austin C. Willis, CEO of WLFC, expressed enthusiasm about the collaboration with TUI Airways, highlighting TUI's reputation for customer service and operational excellence. He emphasized that the agreement demonstrates WLFC's commitment to delivering high-quality maintenance, repair, and overhaul (MRO) services and contributing to the aviation industry's workforce in the region.
WLFC's business encompasses leasing spare commercial aircraft engines, auxiliary power units, and aircraft to various clients including airlines, engine manufacturers, and MRO providers. The company also deals in engine and aircraft trading, engine lease pools, asset management services, and end-of-life solutions for aviation materials. With an impressive gross profit margin of 95.02% and revenue growth of 35.45% in the last twelve months, WLFC maintains strong operational efficiency. InvestingPro analysis reveals 8 additional key insights about WLFC's financial health and growth prospects, available to subscribers.
Investors and stakeholders are advised not to place undue reliance on forward-looking statements within the press release, as these are not guarantees of future performance but merely reflect current expectations. While WLFC trades at a modest P/E ratio of 12.82, InvestingPro analysis indicates the company operates with significant debt burden. These statements are made as of the date of the press release, and WLFC does not commit to updating them unless required by law. The actual outcomes may vary significantly due to factors such as industry and economic conditions, market disruptions, and regulatory changes.
The information for this article is based on a press release statement from Willis Lease Finance Corp.
In other recent news, Willis Lease Finance Corporation has made a significant stride by securing a long-term General Terms Agreement with UK-based airline Jet2.com. The agreement, facilitated by its subsidiary Willis Aviation Services Limited, involves providing C Checks for Jet2.com's fleet of B737NG aircraft. The maintenance, repair, and overhaul services will be conducted at the advanced facility in Northeastern England, contributing to the UK's economic growth and job creation in the aerospace sector.
The company also announced the extension of President Brian R. Hole's contract, as documented in a recent 8-K filing with the U.S. Securities and Exchange Commission. The agreement sets his annual base salary at $663,706 with a target bonus opportunity at 85% of his base salary. Furthermore, Willis Lease Finance Corporation's Compensation Committee awarded Founder and Executive Chairman Charles F. Willis a one-time grant of fully vested restricted stock units valued at $3 million.
These developments highlight the company's commitment to leadership stability and alignment of executive compensation with shareholder interests. As a reminder, these are recent events and may not fully reflect future performance. Investors are advised to consider all relevant factors and consult with professional advisors before making investment decisions.
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