Ryanair Holdings Plc reported fiscal first-quarter profit that beat analysts’ estimates while cautioning that delays from new Boeing Co. aircraft will weigh on traffic growth in the coming year.

Europe’s top discount airline had profit after tax of €663 million ($737 million) in the period, compared with analyst estimates of €648 million. Load factor, the percentage of seats filled on an aircraft, rose 95% this year, while total sales jumped 40% €3.65 billion, Ryanair said in a statement on Monday.

The carrier lowered its full-year traffic to grow to about 183.5 million passengers, down from a previous prediction of 185 million, citing delivery delays at Boeing, the sole supplier of its aircraft. The airline also said it might need to offer more “fare stimulation” to fill seats in this winter as passengers become more price conscious amid higher cost of living.

“We want to fill the planes and we’ll price whatever needs to be priced to do so,” Chief Financial Officer Neil Sorahan said on a call with journalists. “It’s too early at this stage to call where fares will go.”

Robust demand for summer vacations has boosted airlines’ balance sheets this year following a period of restricted travel during the Covid-19 pandemic. At the same time, the industry has suffered from an aircraft shortage as airlines rush to order new models. Ryanair said supply chain disruption at Boeing has led to repeated delivery snags, and that more more delays may occur early next year.

Ryanair was one of the carriers to place a mammoth order this year, announcing a deal for as many as 300 Boeing 737 Max jets worth $40 billion. It comes as the Irish firm targets 30% of the European air-travel market by 2034. Ryanair had a total of 558 aircraft in its fleet on June 30, with plans to take on an additional 173 by the end of March.

Operating costs were up by almost quarter in the first fiscal quarter, climbing to €2.94 billion. Ryanair attributed the increase to higher fuel, staffing and air traffic control costs, including airport and handling charges.

Ryanair shares have climbed about 35% this year compared with 47% advance at EasyJet Plc and 40% at Wizz Air Holdings Plc. Ryanair was the second major European airline to report earnings for the quarter, following EasyJet, which beat estimates and reported strong demand post-summer season.