In today’s issue: IndiGo goes into business, Wizz Air has a strong year, and Spirit Airlines gets in on the fun in DC.

^{EARNINGS ROUNDUP}

🔵Uncharted territory: Indian ULCC IndiGo reported roughly $8.5 billion in revenue and $1 billion in net profit in the 2023-24 FY. The airline attributed the strong performance to substantial increases in both passenger traffic, especially domestically, and ancillary revenues. Overall, the airline carried a record 106.7 million passengers during the FY, surpassing their original goal of 100 million passengers.

During the call, IndiGo also announced plans to launch a business class product that will be "tailor-made for India’s busiest and business routes." The airline didn't specify what the business class offering will look like, though they plan to launch the new product by the end of the year on high-demand and business-oriented routes.

🔵Wizzing by: Wizz Air reported $5.4 billion in revenue and a net profit of around $366 million in the 2023-24 FY, compared to a net loss of $580 million the year before. The airline carried 62 million passengers during the FY, a YoY increase of 21%, with an average load factor of 90%. Available seat kilometers also grew by 24.5%, despite the airline having over 40 aircraft grounded due to the ongoing issues with the GTF engines that power its A320neo fleet.

By mid-September, the airline expects the number of grounded aircraft to grow to approximately 50. As a result, Wizz Air is planning to keep YoY capacity growth flat in the first half of the new fiscal year. The CEO also added that the impact of the war in Israel has been $68 million but noted that demand to TLV has been "building steadily" since they resumed service last quarter.

^{LOOSE ENDS}

🔵Spirit joins the fun: Spirit Airlines joined Alaska, American, and Southwest in proposing a new route out of DCA with one of the 5 new perimeter-exempt slots. While the airline is hoping to fly to San Jose, according to the language in the FAA Reauthorization Bill they are only eligible for one of the five slots. As a result, they will effectively be competing with Alaska, which is proposing a flight to San Diego, for a slot.

🎧️ THINGS I’M LISTENING TO

🔵In this week’s edition of The Air Show, the guys break down the latest with Frontier Airlines. As always, a super insightful listen.

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