Ryanair Reports Strong Q3 Profits, Revise Passenger Outlook Due to Boeing Delays

Dublin, Ireland - Ryanair, the largest low-cost carrier in Europe, exceeded analyst estimates with a robust third-quarter after-tax profit of €149 million ($156 million).

The positive results were driven by a 1% increase in average fares, boosted by strong last-minute bookings for the Christmas and New Year holidays. However, Ryanair cautiously projected a narrower after-tax profit range of €1.55 billion to €1.61 billion for the 12-month period ending March 31.

Boeing Delivery Delays Impact Passenger Forecast

Ryanair announced that it expects to receive only nine Boeing 737 MAX aircraft before the peak summer season, fewer than anticipated. Consequently, the airline lowered its estimated passenger target for the 12 months to March 31, 2026, from 210 million to 206 million.

The delays are attributed to production issues at Boeing, with the remaining 29 aircraft from Ryanair's 210 MAX order expected to arrive by March 2023. Traffic is projected to reach 215 million passengers in the year to March 2027 as a result.

Confidence in Boeing's Production Improvements

Despite the delays, Ryanair remains confident in Boeing's commitment to improving production quality. Chief Financial Officer Neil Sorahan noted significant advancements in the company's facilities and expressed optimism about the timely delivery of the nine aircraft.

No Airbus Order Plans

Ryanair currently has no aircraft orders with any other manufacturer and is unconcerned about Boeing's financial position. Sorahan believes that Boeing's systemic importance to the U.S. economy will ensure its continued support.