Willis Lease Finance Corporation (WLFC) saw its stock soar by 5.09% on Monday after reporting robust financial results for the third quarter of 2024. The aircraft engine lessor's strong performance was driven by a surge in leasing and maintenance revenues, reflecting the continued strength in the global aviation industry.

For the three months ended September 30, 2024, WLFC reported total revenues of $146.2 million, a substantial 38.3% increase from the same period last year. The company's core lease rent and maintenance reserve revenues grew by a combined 26% year-over-year to $114.7 million, fueled by higher utilization of its leased assets and increased demand for its services.

Notably, WLFC's pre-tax income soared by 69.4% to $34.5 million, compared to $20.3 million in the third quarter of 2023. The company also reported diluted earnings per share of $3.37, up significantly from $2.13 a year earlier. WLFC attributed the strong growth to its ability to offer comprehensive solutions to customers through its integrated platform of leasing, trading, and maintenance services.

In addition to robust leasing activity, WLFC's performance was boosted by higher spare parts and equipment sales, as well as gains from the sale of leased assets. The company's board declared a recurring quarterly dividend of $0.25 per share, reflecting its solid financial position and confidence in future growth prospects.

Looking ahead, WLFC recently secured a new $1 billion revolving credit facility to support its ongoing expansion plans. The company aims to capitalize on the strong demand for its services and continue scaling its operations to drive profitability and offer tailored solutions to airline customers.