Ryanair Holdings announced a significant increase in net profit for the first quarter of fiscal 2024, surpassing consensus estimates. However, the airline expects lower traffic for the full year due to delays in Boeing deliveries.
Impressive Financial Performance
During the three months ending on June 30, Ryanair achieved a net profit of €662.9 million ($737.5 million), compared to €187.5 million in the same period last year. This figure exceeded the consensus estimate of €506.2 million based on three analysts’ predictions sourced from FactSet.
Additionally, revenue rose to €3.65 billion, up from €2.60 billion in the corresponding period last year. This result was in line with the consensus estimate of €3.59 billion provided by six analysts.
Steady Growth in Passenger Numbers
Ryanair reported that passenger traffic reached 50.4 million in the first quarter, compared to 45.5 million during the same period last year. This growth demonstrates the airline’s continued appeal to travelers.
Despite strong bookings in the second quarter, the airline expects fare increases to be lower than those experienced in the first quarter. Nevertheless, fares are projected to rise by a low double-digit percentage compared to the same period last year.
For the fiscal year 2024, Ryanair anticipates a 9% growth in traffic, reaching 183.5 million passengers. However, this falls slightly below the initial guidance of 185 million.