Embraer loses US$ 86.2 million in first quarter, 18% decrease

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Brazil’s Embraer, the world’s third largest aircraft manufacturer, lost 428 million reais (about $86.2 million) in the first quarter of the year, down 18% compared to the 522.9 million reais ($105.4 million) lost in the same period of 2021, the company reported Thursday.

Between January and March, the net profit attributed to shareholders was negative 170.7 million reais (about 34.4 million dollars), which represents a 65.1% lower loss compared to what was lost in the first three months of last year.

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The result was impacted by lower commercial and business aircraft deliveries and lower revenues from the defense and security sector, which were “only “partially offset by higher revenue recorded” in the services and support sector, the firm said in announcing the results.

“In addition, deliveries in the quarter were negatively impacted by the Company’s one-month shutdown period in January 2022 due to the reintegration of the Commercial Aviation business unit,” Embraer explained in a statement sent to the market, EFE reported.

Between January and March, Embraer delivered a total of 14 aircraft, of which six were commercial and the other eight executive, while its backlog totaled US$17.3 billion.

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Despite the drop in the volume of deliveries, the result represents the highest backlog recorded by the company since the second quarter of 2018, driven by the “consistent” level of orders, it specified in its report.

However, Embraer’s net income in the first quarter of the year totaled 3.076 billion reais (US$620.1 million), down 30.9% compared to the first three months of 2021.