Ryanair cuts winter schedule due to Boeing delivery delays By Investing.com

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Ryanair cuts winter schedule due to Boeing delivery delays

Published Sep 29, 2023 04:19PM ET

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Ryanair cuts winter schedule due to Boeing delivery delays

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Ryanair Holdings (NASDAQ:RYAAY) (LSE:RYA) announced on Thursday that it is reducing its Autumn Winter 2023 schedule due to delays in the delivery of Boeing (NYSE:BA) aircraft. The company now expects to receive only 14 aircraft between October and December, down from the previously anticipated 27 aircraft deliveries between September and December.

The low-cost carrier attributed the expected reduction in deliveries to production delays at the Spirit Fuselage facility in Wichita, coupled with Boeing's repair and delivery delays in Seattle. Ryanair CEO, Michael O'Leary, stated that while these delivery delays are not expected to materially affect their full year traffic target of 183.5 million passengers, the figure may need to be adjusted slightly downward if the delays worsen or extend into the January to March 2024 period.

According to InvestingPro data, Ryanair holds a market cap of 19280.42M USD and has shown a revenue growth of 68.13% LTM2024.Q1. The company's gross profit LTM2024.Q1 stands at 3915.21M USD, indicating a healthy financial status. However, the InvestingPro Tips reveal that Ryanair's revenue growth has been slowing down recently and its short term obligations exceed liquid assets.

As a result of these delays, Ryanair will make a number of adjustments to its Winter 2023 schedule this week. The company is reducing the number of Charleroi based aircraft by three, Dublin based aircraft by two, and will reduce five aircraft across four Italian bases, including Bergamo, Naples and Pisa. There will also be aircraft reductions in East Midlands, Porto, and Cologne. These flight cancellations will take effect from the end of October.

Passengers affected by these changes will be offered reaccommodation on alternative flights or full refunds as per their preference. Despite these challenges, Ryanair is working with Boeing to try to get delivery of all 57 contracted B737 aircraft before the end of May 2024. The company hopes to enter the Summer 2024 peak travel season with all 57 new Boeing aircraft deliveries as initially expected.

Ryanair has noted that it has no spare aircraft this winter as scheduled maintenance is necessary across its full fleet of over 550 aircraft to prepare for its Summer 2024 schedule. The InvestingPro Tips suggest that Ryanair holds more cash than debt on its balance sheet and its cash flows can sufficiently cover interest payments, indicating a strong financial position to navigate through these challenges. For additional insights and tips, readers can visit InvestingPro, which offers over 10 tips for Ryanair.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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