Ryanair Holdings PLC's shares came under pressure Jan. 18 after the airline reduced its profit outlook for fiscal year 2019 for the second time in four months.

The company now expects profit after tax to be in the range of €1.0 billion to €1.1 billion for fiscal year 2019, compared with the previous guidance range of €1.1 billion to €1.2 billion. The profit warning comes as Ryanair expects winter fares to fall by 7%, instead of 2% as anticipated earlier.

Ryanair's shares were down 2.18% to €9.80 per share at 8:23 a.m. Dublin time.

"While we have reasonable visibility over forward [fourth-quarter] bookings, we cannot rule out further cuts to air fares and/or slightly lower full-year guidance if there are unexpected Brexit or security developments which adversely impact yields between now and the end of March," Ryanair CEO Michael O'Leary warned.

The outlook excludes exceptional start-up losses in Laudamotion GmbH of €140 million, lower than the previous expectation of €150 million on the back of better-than-expected unit cost performance during the winter.

Ryanair previously lowered its outlook for fiscal 2019 in October 2018, citing lower traffic and fares due to strikes in five countries, increased costs and higher oil prices.