Wizz Air lowers annual profit forecast due to engine issues, wet leases, and fare competition.

Budget airline Wizz Air lowered its annual profit forecast due to a 44% drop in its first-quarter operating profit, attributed to Pratt & Whitney engine issues and wet leases. The airline's CEO, Jozsef Varadi, mentioned competitors dropping their fares, causing the company to adjust its expectations. Wizz Air now predicts its net income for the year to fall between €350m and €450m, down from the previous forecast of €500m to €600m.

August 01, 2024
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