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Bloomberg
Wizz Air Holdings dropped after saying its outlook is clouded by stiff competition for passengers and a threat from air-traffic control strikes.
Profit will still rise this year, to as much as $390 million, as the Hungarian discount carrier seeks to grab market share from rivals battling higher fuel costs. Investors had hoped for more, according to Morgan Stanley, and Wizz Air stock fell as much as 6.9 percent.
European discount airlines including market leader Ryanair Holdings Plc are warning of a tough trading environment this summer, with fuel prices combining with weak economic growth to hurt profit margins. Wizz joined its larger Irish rival in cautioning that there is little visibility for the second half of the 2020 fiscal year .Achieving the profit goal will depend on the peak summer period, and whether there’s disruption from strikes at airports, Wizz said.