Ryanair Q3 Profit Drops; Narrows FY Profit Outlook

(RTTNews) - Ryanair Holdings plc (RYA.L, RYAAY) reported that its third quarter profit attributable to equity holders of parent for the third-quarter dropped to 14.8 million euros or 0.0129 euros per share from last year's 202.1 million euros or 0.1773 euros per share, as higher fuel costs offset revenue gains.

Operating costs increased 26% to 2.7 billion euros, primarily due to a 35% increase in fuel costs, higher staff costs and the earlier timing of maintenance.

Traffic for the third quarter grew 7% to 41.4 million while average fares rose 13% to over 42 euros, reflecting a strong October mid-term and peak Christmas/New Year travel.

Total operating revenues for the third quarter grew to 2.70 billion euros from 2.31 billion euros in the prior year.

The company said it continues to target about 183.5 million in traffic for fiscal year 2024, despite slightly lower third quarter load factors and Boeing delivery delays.

The company narrowed its fiscal year 2024 profit after tax guidance to a range of between 1.85 billion euros to 1.95 billion euros from the prior estimation of 1.85 billion euros to 2.05 billion euros.

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