Ryanair Plunges After Projecting 'Materially Lower' Summer Fares

Ireland-based hose Ryanair Holdings (RYAAY) on Monday posted first-quarter profit that fell astir 50% year-over-year, helping nonstop its American depositary receipts (ADRs) sharply lower.

The institution reported profit of 360 cardinal euros ($391.6 million), compared pinch EUR663 cardinal successful nan year-ago quarter. Average fares fell 15% year-over-year to EUR41.93, which was partially offset by customers expanding 10% to 55.5 million. 

“In nan past 10 days of June we suffered a important deterioration successful European [air postulation control] capacity which caused aggregate formation delays and cancellations, particularly connected first activity greeting flights,” nan institution said. 

Ryanair Sees Substantially Lower Summer Fares

Ryanair besides said that it now expects second-quarter fares to beryllium “materially little than past summer,” aft antecedently expecting them "to beryllium level to modestly up." 

Ryanair's ADRs sank much than 17% to $94.12 arsenic of 10:24 a.m. ET Monday. They are down almost 30% successful 2024.