European low-cost airline Wizz Air cut its annual net income forecast for the second time in six months on Thursday, as it grapples with rising costs related to the grounding of planes due to engine issues and economic uncertainties.
Wizz faces several challenges from costs and disruptions due to groundings related to issues with Pratt & Whitney engines, with CEO Jozsef Varad saying earlier this month that he expects the troubles could last four or five years.
Wizz reported a third-quarter operating loss of 75.9 million euros ($79 million), compared with a loss of 180.4 million euros a year ago.
Wizz Air expects 40 planes to be grounded in 2026
However, analysts had estimated an operating profit of about 10.6 million euros, according to a data compiled by LSEG.
The London-listed carrier now expects net income in the range of 250 million and 300 million euros for the year ending March, compared to its earlier forecast of between 350 million and 450 million euros.
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