Willis Lease Finance, a leading lessor of commercial jet engines, reported third quarter pretax profits grew 19% compared to the year ago period. Net income was $2.3 million in the third quarter of 2011, compared to $3.1 million in the third quarter a year ago. The current quarter's net income was reduced by $1.3 million due to the inclusion of a tax adjustment related to the accounting for the sale of engines to the recently formed JV with Mitsui.

For the first nine months of 2011, net income grew 35% to $10.9 million from $8.0 million in the first nine months a year ago.

The lease portfolio increased 2% year-over-year to $961 million, with four engines purchased and seven engines sold during the third quarter. Average utilization for the quarter increased to 86%, compared to 83% in the preceding quarter and even with the third quarter of 2010. Utilization was 86% at the end of the third quarter compared to 89% at September 30, 2010.

"Despite the continuing softness in lease rates and utilization that was lower than we would like, we continued to generate solid profits in both the third quarter and year-to-date periods. Pretax income increased 19% in the third quarter and 56% in the first nine months of the year," said Charles F. Willis, Chairman and CEO. "We are starting to see signs of pricing improvement in the market compared to earlier this year, but whether this reflects a trend or a temporary market condition remains to be seen.

Willis Lease Finance Corporation leases spare commercial aircraft engines and aircraft to commercial airlines, aircraft engine manufacturers, air cargo carriers and maintenance, repair and overhaul facilities worldwide. These leasing activities are integrated with the purchase and resale of used and refurbished commercial aircraft engines.