Benzinga | Jul 26, 2021 07:28AM EDT

Ryanair Reports Q1 Results, Load Factor Improves To 73%

* Ryanair Holdings plc (NASDAQ:RYAAY) reported first-quarter revenue growth of 196% year-over-year to (euro)371 million.

* The company reported a Q1 net loss of (euro)(273) million, compared to a (euro)(185) million loss a year ago.

* Scheduled revenues were up 91% Y/Y, reflecting a rise in traffic from 0.5 million customers to 8.1 million.

* Ancillary revenues increased to (euro)179 million (+629% Y/Y), reflecting a 7.6 million rebound in traffic and a solid performance in priority boarding and reserved seating.

* Load factor improved to 73%, compared to 61% in 1Q21.

* Operating costs increased 116% Y/Y to (euro)675 million, driven by variable costs.

* Ryanair's net cash generated by operating activities year-to-date totaled (euro)594.2 million, compared to (euro)450.3 million cash used last year.

* The company mentions its fuel requirements are just under 60% hedged for FY22 at $565 per metric tonne and approx. 35% hedged for FY23 at $600.

* Ryanair reported a cash balance of (euro)4.06 billion and a net debt of (euro)1.66 billion as of June 30, 2021.

* Outlook: Ryanair said FY22 continues to be challenging, with Covid-19 travel restrictions prolonging uncertainty.

* It believes that FY22 traffic has improved to 90 million to 100 million customers and expects that the likely outcome for FY22 is somewhere between a small loss and breakeven.

* Price Action: RYAAY shares closed at $104.52 on Friday.