Why Ryanair Holdings Flew Higher This Week
Ryanair (NASDAQ: RYAAY) flew more passengers than anticipated over the holiday season, leading the European discount airline to up its forecast for the year. Shares of Ryanair enjoyed their own "Santa Claus Rally" as a result, up as much as 12% for the week, according to data provided by S&P Global Market Intelligence.
While the travel focus over the holiday season in the U.S. was on weather-related delays, it was apparently smooth skies over Europe. On Wednesday, Ireland-based airline Ryanair upped its yearly earnings forecast, saying strong demand over Christmas and New Year's would boost its results.
Ryanair said it expects to report a profit of between 1.325 billion euros and 1.425 billion euros in its current fiscal year ending in March, up significantly from previous guidance for a profit in the range of 1 billion euros to 1.2 billion euros.
Source Fool.com
