Wizz Air misses estimates as jet engine woes persist

Wizz Air missed first-quarter profit estimates yesterday as the budget airline struggles with plane groundings due to problems with Pratt and Whitney engines, and warned grounded jets would return to service a year later than expected.

- JOANNA PLUCINSKA SHASHWAT AWASTHI

The company’s shares plunged almost 10% in early trading.

It said existing problems had been compounded by “poorer than specified” performance of the GTF engines, leading to significantly lower time in service before needing an inspection.

Wizz has struggled in recent years to compete financially with other European carriers as it grapples with the engine challenges, with the groundings limiting its ability to increase capacity to meet demand. It has issued two profit warnings in the past year.