Ryanair Swung to Fiscal Year 2023 Net Profit as Revenue Beat Consensus

By Anthony O. Goriainoff

Ryanair Holdings said Monday that it swung to a net profit in fiscal 2023 as revenue beat consensus, and that it expects to deliver a modest on-year profit increase in fiscal 2024.

Ryanair said that for the year ended March 31 net profit was 1.31 billion euros ($1.42 billion) compared with a net loss of EUR240.8 million for fiscal 2022 and net profit consensus of EUR1.35 billion, taken from FactSet and based on 17 analysts' forecasts.

Revenue was EUR10.78 billion, compared with EUR4.80 billion the year before. Revenue consensus for the year was EUR10.68 billion, also taken from FactSet and based on 19 analysts' estimates.

Pre-exceptional profit after tax--its preferred metric--was EUR1.43 billion, compared with a loss of EUR355 million last year. The company had guided for between EUR1.33 billion and EUR1.43 billion.

The company said its load factor--a measure of how full a plane is--stood at 93%, compared with 82% the year before.

Although fuel for the year will increase by more than EUR1 billion on higher fuel prices, the company said it was optimistic that revenue for the year will grow sufficiently to cover this and deliver a modest on-year profit increase.

Although it expects traffic to grow to around 185 million in fiscal 2024, recent delivery delays from Boeing may push some of this into its lower-yielding second half and slightly reduce this target.

Write to Anthony O. Goriainoff at [e-mail]

(END) Dow Jones Newswires

May 22, 2023 01:25 ET (05:25 GMT)

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