Wizz Air Shares Slide Despite Revenue Jump

Wizz Air (LON: WIZZ) revenue more than doubled in the three months to December 31, the airline revealed Thursday. 

Revenue for the period came in at €911.7 million, compared to €408.4 million in the same period last year. The low-cost carrier reported another profitable quarter with record peak winter capacity flown.

Wizz Air reported an operating loss for the period of €155.5 million, falling from the €213.6 million reported last year. Its net profit was €33.5 million.

Passenger numbers during the three months were 12.4 million, a 59.1% rise, while the load factor was 87.3%, a +10.2pp increase.

“Wizz Air continued to deliver industry-leading growth during the third quarter by operating 49 per cent more ASKs versus the same period last year (and +38 per cent vs 2019), while continuing to deliver unit revenue growth and a second consecutive quarter of net profit,” said Wizz Air Chief Executive Officer József Váradi.

He adds that throughout the period, the business witnessed a solid pricing environment, supported by strong demand across its broader and more diversified Wizz Air network.

Looking ahead, Wizz said it continues to expect an overall net loss in FY23 but remains confident that FY24 will be profitable.

The load factor gap is seen continuing to close in the coming quarters compared to 2019, while the company also believes it will return to pre-pandemic utilisation levels this summer.

Wizz Air shares declined over 7% Thursday.