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Ryanair Holdings PLC (RYAAY) - free report >>
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Ryanair Holdings PLC (RYAAY) - free report >>
Trinity Industries, Inc. (TRN) - free report >>
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Ryanair Ends Deadlock, Inks Labor Deal With Irish Pilots
Per Reuters, Ryanair Holdings PLC (RYAAY - Free Report) has finally given in to the Irish pilots’ demand, reaching an agreement with the pilots’ union (Fórsa) on Aug 23, following a 22-hour discussion. Post the event, shares of the company have been flying high and closed Friday’s trading session at $99.62, up 1.5%.
Ryanair has been grappling with labor unrest since the past few months. The issue caused several flight cancellations during the peak summer season, affecting average fares in turn. Notably, the low-cost carrier’s average fares declined 4% in the first quarter of fiscal 2019.
Earlier in the month, the carrier witnessed a worst of its kind strike, staging a walk-out by pilots across five European countries. This, at last prompted Ryanair to indulge in fresh discussions regarding the issue, which ended with the parties entering into a labor contract. Similar walk-outs earlier this summer however, failed to fetch results.
Ryanair is said to have been the worst hit by protests carried out by pilots in its home country, Ireland.
The proposed agreement will now be voted upon by the Dublin-based pilots of the European carrier. What is encouraging is that the union has recommended acceptance of the deal.
We note that labor unrest has taken a huge toll on Ryanair, causing its shares to shed 17.5% value over the past three months.
This labor deal, on materialization, is expected to provide a much-needed respite to the carrier.
Zacks Rank & Key Picks
Ryanair holds a Zacks Rank #4 (Sell).
Some better-ranked stocks in the broader Transportation sector are GATX Corporation (GATX - Free Report) , Trinity Industries, Inc. (TRN - Free Report) and SkyWest, Inc (SKYW - Free Report) . While GATX carries a Zacks Rank #2 (Buy), Trinity and SkyWest sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Shares of GATX, Trinity and SkyWest have rallied more than 41%, 27% and 87%, respectively, in a year.
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