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Wizz Air misses its profit forecast, and delays the fleet return until 2027

Budget airline Wizz Air missed its first-quarter profit estimate on Thursday due to problems with RTX engines. The company also pushed the return date of the grounded fleet back to 2027.

The carrier stated that existing problems had been compounded due to "poorer performance than specified" of the GTF engine, resulting in a significantly reduced time on wing prior to needing an inspection.

Wizz reported that it had 41 aircraft ground due to GTF inspections by June 30. It now expects to see its grounded fleet return to the skies a year after it originally predicted.

The carrier's operating profit for the three-month period ending June 30 was 27 million euros, down from the 87 millions euros expected by LSEG analysts and down by 38.3% compared to a year earlier. Reporting by Joanna Plucinska, London; and Shashwat awasthi, Bengaluru. Editing by Eileen Soreng.

(source: Reuters)