Despite the emergence of some positive data from crisis-hit Spain, Ryanair says it does not yet see a recovery in southern Europe.
"Our three biggest markets are the U.K., Spain and Italy and unfortunately the green shoots of recovery have yet to be sighted in countries like Spain and Italy," Howard Millar, deputy chief executive and chief financial officer of the Irish budget airline told CNBC Europe's "Squawk Box."
(Read more: Spain has a spring in its step as jobs grow)
On Monday, the airline reported first quarter net profit of 78 million euros ($103 million), in line with forecasts. The company maintained its forecast for full-year net profit of 570-600 million euros, below analyst forecasts of 643 million euros.
"The analysts always come out ahead of every company's guidance," Millar said. "The market does whatever the market wants to do. Some analysts may run ahead. Our key quarter is the second quarter," Millar said.