NEW YORK (TheStreet) -- Shares of Ryanair Holdings Plc (RYAAY) are surging, up 7.08% to $54.59, after CEO Michael O'Leary forecast a return to growth this year after the first profit decline in five years, as Europe's biggest discount airline chases business passengers in a bid to fly almost 3 million more people, Blkoomberg reports.
O'Leary plans to increase fares and improve upon the no frills approach while being more customer friendly.
The airline's profit after tax for the year through March 2015 will likely be 580 million euros, or $795 million, to 620 million euros, an increase of about 19%, the company said today.
After-tax earnings slid 8% last year to 523 million euros.
TheStreet Ratings team rates RYANAIR HOLDINGS PLC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate RYANAIR HOLDINGS PLC (RYAAY) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity and solid stock price performance. We feel these strengths outweigh the fact that the company has had sub par growth in net income."