COCONUT CREEK, Fla. - Willis Lease Finance Corporation (NASDAQ: WLFC), a prominent player in the commercial aircraft engine leasing sector, has announced the addition of Colm Barrington to its Board of Directors, effective last Saturday. Barrington, a seasoned figure with over five decades in the aviation industry, brings a wealth of experience to the WLFC board.
Starting his career at Aer Lingus in 1968, Barrington played a significant role in shaping the aircraft leasing market. He was pivotal in the development of GPA Group plc, which was later acquired by GE Capital Aviation Services (GECAS), where he served as President of GECAS Ireland. Barrington also founded his own aircraft lease management company, which merged into Babcock & Brown Limited, leading to his role as CEO and Director of Fly Leasing (NYSE:FLY) Limited until its sale to Carlyle Aviation in 2021.
His extensive board experience includes serving as Non-Executive Chairman at Aer Lingus and Vice Chair of Finnair. Barrington's educational background includes a master's degree in economics from University College Dublin and a diploma in public administration.
Charles F. Willis, the Founder and Executive Chairman of WLFC, expressed his enthusiasm for Barrington's appointment, highlighting his reputation and understanding of the aviation industry. Barrington's expertise is expected to be particularly valuable as WLFC advances its engine program services, including ConstantThrust® and ConstantAccess® products.
Barrington himself shared his eagerness to contribute to WLFC's growth, citing the company's strong financial performance in 2023 and the rising demand for replacement engines as promising signs for future success.
The announcement coincides with the resignation of Director Robert Keady, effective the same day as Barrington's appointment. Keady's contributions to the aviation industry and WLFC were acknowledged by Charles F. Willis with gratitude.
Willis Lease Finance Corporation specializes in leasing spare commercial aircraft engines and providing related services. Their offerings encompass asset management, engine and aircraft trading, maintenance, repair, and overhaul (MRO) services, as well as end-of-life solutions for aviation materials.
InvestingPro Insights
Amidst the strategic board changes at Willis Lease Finance Corporation (NASDAQ: WLFC), the company's financial performance and market valuation present a compelling picture. According to InvestingPro data, WLFC has a market capitalization of $320.11 million, reflecting the company's standing in the industry. The firm's P/E ratio stands at an attractive 7.81, suggesting that the company is trading at a low earnings multiple, which could be an indicator of potential value for investors looking for opportunities in the aviation sector.
InvestingPro Tips highlight that WLFC has been profitable over the last twelve months as of Q4 2023, with a robust revenue growth of 36.05% during the same period. This growth trajectory is supported by a significant gross profit margin of 96.29%, indicating efficient operations and strong pricing power. Moreover, WLFC's liquid assets exceed its short-term obligations, which provides financial flexibility and may reassure investors of the company's ability to meet its immediate financial commitments.
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