| As of Friday, November 13th: |
As of October 1st, the earnings growth rate was at -24.7%.Of the 463 S&P 500 companies who have reported Q3, 80% beat estimates, 6% were in-line, and 14% were below estimates. The blended earnings growth rate for the S&P 500 for Q3 2009 is currently at -13.8%. (Data provided by Thomson Reuters)
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Ryanair posted an 85 percent fall in first-quarter net profit on Monday as its fuel bill almost doubled and warned it could make a full-year loss of up to 60 million euros if oil prices stayed high and fares fell.
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That compared with a net income forecast of 48.8 million euros by brokerage Davy.
Ryanair said it had made use of a recent fall in oil prices and hedged 90 percent of its fuel needs for September at $129 per barrel, 80 percent for the third quarter at $124 per barrel, but remained unhedged for the fourth quarter.
Ryanair said first-quarter revenues grew by 12 percent to 777 million euros. That was well below the 865.4 million average of five forecasts in a Reuters survey and lower than the most cautious of the five analysts, who predicted 836.4 million.
The Dublin-based carrier said consumer confidence was plummeting in an emerging recession in the UK and Ireland, which it planned to respond to by cutting fares more aggressively than competitors.
"The outlook for the remainder of the fiscal year which is entirely dependent on fares and fuel prices remains poor," O'Leary said.
He reiterated however that Ryanair's more than 2.2 billion euros in cash will help it weather the industry downturn and anticipates a strong rebound in earnings as rivals with higher costs or less assets suffer.
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- JC Penney Profit Falls, but Shares Up on Forecast
U.S. department store operator JC Penney forecast earnings for the holiday quarter that could surpass Wall Street expectations, and its shares rose about 8 percent on Friday.
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Data is a real-time snapshot *Data is delayed at least 15 minutes