Ryanair Holdings plc cut its full-year traffic target from 216 million to 214 million passengers, saying it wants to shrink its exposure to unhedged jet fuel during its unprofitable winter schedule from November to March. Jet fuel was trading near $140 a barrel when the airline made the call, and Ryanair expects the smaller winter flight plan to trim its seasonal losses by €70 million to €100 million. Management warned that competitors with weaker fuel hedges could struggle to keep flying, or even survive, the coming winter. August traffic still grew 6% year over year to 22.2 million passengers, with the load factor holding steady at 96%. The airline has locked in about 80% of its fuel needs for the year at roughly $67 a barrel, far below the current $140 spot price, and holds roughly €2.8 billion in cash with no debt after repaying its final bond.
Ryanair Holdings plcRyanair cuts full-year traffic target to 214 million passengers to reduce exposure to unhedged jet fuel near $140 a barrel during its unprofitable winter schedule
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