July 22, 2024 - $Ryanair (RYAAY.US)$shares slumped 11.46% to $101.22 in pre-market trading on Monday. Ryanair Holdings has reported its FY2025 first quarter results today.
Q1 Highlights include:
Traffic grew 10% to 55.5m, despite multiple Boeing delivery delays.
Rev. per pax fell 10% (ave. fare down 15% & ancil. rev. flat).
156x B737 “Gamechangers” in 594 fleet at 30 June (20 less than budget).
Record Summer schedule launched (5 new bases, over 200 new S.24 routes).
Multiple “Approved OTA” partnerships signed to protect consumers.
Fuel hedges extended: 75% FY25 at under $80bbl saves over €450m & c.45% FY26 at $78bbl.
Over 50% of €700m share buyback completed.
Q1 FY25 BUSINESS REVIEW:
Q1 scheduled revenue fell 6% to €2.33bn. While traffic grew 10% to 55.5m, our customers enjoyed substantial savings thanks to 15% lower fares due, in part, to the absence of the first half of Easter which fell into March, and more price stimulation than we had previously expected. Ancillary sales rose 10% to €1.30bn (c.€23.40 per passenger). As a result, total revenue declined 1% to €3.63bn. Operating costs increased 11% to €3.26bn, marginally ahead of traffic growth, as fuel hedge savings offset higher staff and other costs which was in part due to Boeing delivery delays.
SHAREHOLDER RETURNS:
A €700m share buyback commenced in May. To date we have completed over 50% of the programme. When complete, Ryanair will have returned over €7.8bn to shareholders since 2008. A final dividend of €0.178 per share is due to be paid in Sept.
OUTLOOK:
FY25 traffic is expected to grow 8% (198m to 200m passengers), subject to no worsening Boeing delivery delays. As previously guided, we expect unit costs to rise modestly this year as ex-fuel costs (incl. pay & productivity increases, higher handling & ATC fees and the impact of multiple B737 delivery delays) are substantially offset by our fuel hedge savings, and rising net interest income, which widen Ryanair’s cost advantage over its competitors. While Q2 demand is strong, pricing remains softer than we expected, and we now expect Q2 fares to be materially lower than last summer (previously expected to be flat to modestly up). The final H1 outcome is, however, totally dependent on close-in bookings and yields in Aug. and Sept. As is normal at this time of year, we have almost zero Q3 and Q4 visibility, although Q4 will not benefit from last year’s early Easter. It is too early to provide meaningful FY25 PAT guidance, although we hope to be able to do so at our H1 results in Nov. The final FY25 outcome remains subject to avoiding adverse developments during FY25 (especially given continuing conflicts in Ukraine and the Middle East, repeated ATC shortstaffing and capacity restrictions, or further Boeing delivery delays).”
2024 年 7 月 22 日- $Ryanair (RYAAY.US)$周一盘前交易中，股价下跌11.46％，至101.22美元。瑞安航空控股公司今天公布了其 FY2025 第一季度业绩。
第一季度亮点包括：
尽管波音多次交付延迟，但流量仍增长了10％，达到5550万。
人均修订率下降了10％（平均票价下降了15％，修订率持平）。
截至6月30日，594支舰队中有156x B737 “Gamechangers”（比预算少20架）。
创纪录的夏季时刻表已发布（5个新基地，超过200条新的S.24路线）。
签署了多个 “批准的OTA” 合作伙伴关系，以保护消费者。
延长燃料套期保值：25财年价格低于80桶可节省75％，节省超过45,000万欧元，26财年节省45％至78亿美元。
7万欧元股票回购的50％以上已完成。
25 财年第一季度业务回顾：
第一季度的预定收入下降了6％，至23.3亿欧元。虽然客流量增长了10％，达到5550万，但我们的客户却享受了可观的节省，这要归功于票价降低了15％，部分原因是复活节的上半部分没有进入3月，而且价格刺激比我们先前预期的要多。辅助销售额增长了10％，达到13.0亿欧元（每位乘客约23.40欧元）。结果，总收入下降了1％，至36.3亿欧元。运营成本增长了11％，达到32.6亿欧元，略高于交通量的增长，原因是节省的燃料套期保值抵消了员工和其他成本的增加，部分原因是波音交付延误。
股东回报：
7万欧元的股票回购于5月开始。迄今为止，我们已经完成了该计划的50％以上。建成后，自2008年以来，瑞安航空将向股东返还超过78亿欧元。每股0.178欧元的末期股息将于9月支付。
展望：
预计25财年的交通量将增长8％（19800万至20000万名乘客），前提是波音交付延误不会恶化。正如先前的指导的那样，我们预计今年的单位成本将略有上升，因为燃油外成本（包括薪酬和生产率的提高、手续费和空中交通管制费的上涨以及多次B737交付延迟的影响）被我们的燃油对冲储蓄和净利息收入的增加所抵消，这扩大了瑞安航空相对于竞争对手的成本优势。尽管第二季度需求强劲，但定价仍低于我们的预期，我们现在预计第二季度的票价将大大低于去年夏天（此前预计将持平至小幅上涨）。但是，上半年的最终结果完全取决于8月和9月的收盘预订量和收益率。与往常一样，尽管第四季度不会受益于去年初的复活节，但我们在第三季度和第四季度的知名度几乎为零。现在提供有意义的25财年PaT指导还为时过早，尽管我们希望能够在11月的上半年业绩中做到这一点。25财年的最终结果仍有待避免在25财年出现不利的事态发展（特别是考虑到乌克兰和中东持续的冲突、空中交通管制人员短缺和运力限制以及波音进一步的交付延误）。”
