Wizz Air narrows full-year profit target amid engine issues

Wizz Air Holdings Plc narrowed its net income guidance for the full year as the budget airline faces aircraft groundings because of engine issues on some of its Airbus jets. Net income this year will be between E350m to E370m, down from a previous range of E350m to E400m, the Hungarian budget carrier said on Thursday in a trading statement. Wizz is among the airlines impacted by issues with Pratt & Whitney’s geared turbofan engines on some A320-family aircraft. CEO Jozsef Varadi told Bloomberg in March that about 20% of Wizz’s fleet was parked for turbine inspections and he predicted to see engine groundings to reach their peak in six to 12 months. Despite the engine woes, Wizz said it returned to profitability in its fiscal year and that it’s trading positively into the busy summer travel season. Total revenue is expected to be between E5b to E5.1b, which the company said reflects higher pricing, the airline said. Wizz said it will reduce net debt, boost operational cash and expand operating margins in fiscal 2025. The airline maintained a flat year-on-year capacity growth target for the full 2025 financial year. The engine issue was one of the main challenges that Wizz faced, alongside the conflict in the Middle East and air traffic control disruptions.<br/>