Ryanair Plunges After Projecting 'Materially Lower' Summer Fares

Ryanair reported first-quarter profit Monday that was roughly half of what it posted a year ago. Average fares decreased 15% year-over-year, partially offset by a 10% increase in customers. The company now expects summer fares to be "materially lower than last summer." "In the last 10 days of June we suffered a significant deterioration in European [air traffic control] capacity which caused multiple flight delays and cancellations, especially on first wave morning flights," the company said. Ryanair's ADRs ...