By Anthony O. Goriainoff

Ryanair Holdings said Monday that net profit for the first quarter of fiscal 2024 rose, beating consensus, but that traffic for the full year is expected to be lower than previous guidance due to Boeing delivery delays in the spring and fall of 2023.

The Irish low-cost carrier said for the three months ended June 30, net profit was 662.9 million euros ($737.5 million) compared with EUR187.5 million in the same period last year. Net profit consensus was EUR506.2 million, according to FactSet and based on three analysts' estimates.

Revenue was EUR3.65 billion compared with EUR2.60 billion in the same period a year earlier and consensus of EUR3.59 billion, also taken from FactSet and based on six analysts' estimates.

Traffic in the period was 50.4 million passengers compared with 45.5 million the year prior, the airline said.

Ryanair said that although booking in the second quarter have been strong, fare increases will be lower than the first quarter. Still, fares in the second quarter are expected to be higher compared with the prior-year quarter by a low double-digit percentage.

Traffic for fiscal 2024 is expected to grow 9% to 183.5 million, below initial guidance of 185 million, it added.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

July 24, 2023 02:07 ET (06:07 GMT)

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