Willis Lease Finance Corporation (NASDAQ: WLFC) has declared its first ever cash dividend of $1.00 per share on its common stock. This special dividend is payable to shareholders of record at the close of business on May 30, 2024, and is expected to be paid on June 7, 2024.
According to the company's executive chairman, Charles F. Willis, the ability to pay this dividend, continue to grow the lease portfolio, and further diversify the services offering, while making significant progress in de-levering the balance sheet, speaks to the overall health and outlook of the platform. The company is also considering how a recurring dividend policy should play into its go-forward strategy.
Willis Lease Finance Corporation is the leading lessor of commercial aircraft engines and a global provider of aviation services. The company leases large and regional spare commercial aircraft engines, auxiliary power units, and aircraft to airlines, aircraft engine manufacturers, and maintenance, repair, and overhaul providers worldwide. Additionally, the company offers various end-of-life solutions for engines and aviation materials.
The company's service offerings include part 145 engine maintenance, aircraft line and base maintenance, aircraft disassembly, parking and storage, airport FBO, and ground and cargo handling services.
This announcement marks a significant development for Willis Lease Finance Corporation and reflects the company's confidence in its financial position and outlook. As a result of these announcements, the company's shares have moved 2.1% on the market, and are now trading at a price of $65.5. Check out the company's full 8-K submission here.
