UPDATE: Ryanair Posts Higher Q1 Profit, Lifts Profit Forecast
Ryanair Holdings PLC (NASDAQ: RYAAY) reported a 152% surge in its first-quarter profit and lifted its full-year profit outlook.
The Europe's largest discount airline posted a quarterly net profit of 197 million euros ($265 million), versus a year-ago profit of 78 million euros. Analysts were expecting a profit of 157 million euros.
Its sales climbed 11% in the quarter. The company also announced its plans to pay a special dividend of 37.50 euro cents a share.
Ryanair now expects full-year profit of 620 million to 650 million euros, versus its earlier forecast of 580 million to 620 million euros. In the financial year ending March 31, it projects to increase passenger numbers by 5% to 86 million.
"We've made a lot of service improvements over the last six or seven months and we're seeing the benefits," Ryanair's Chief Financial Officer Howard Millar said.
Ryanair shares gained 0.08% to close at $52.60 on Friday.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.