Embraer doubles its losses in first quarter 2023
Brazil’s Embraer, the world’s third largest aircraft manufacturer, lost in the first quarter of the year 378.4 million reais (about 75.6 million dollars), more than double the same period of 2022, as reported Thursday.
The result was 53.6% higher than the loss of 170.7 million reais (about 34.14 million dollars at the current exchange rate) recorded between January and March last year.
As for the adjusted net loss, the company stated that it was 536.2 million reais (about 107.2 million dollars).
According to the quarterly report sent to the market, Embraer “continues to face restrictions in the supply chain”, however, the result was “within expectations” and in line “with the projections” of the company.
→ Airbus reported its financial results for first quarter of 2023
This is because the company’s net revenues, in the year-on-year comparison, increased by 21% to 3.726 billion reais (about US$ 745 million).
The result was driven by revenue growth in commercial aviation, up 27.8% year-on-year, business aviation (+12.2%), defense and security (+13.6%) and services and support (+45.5%).
Embraer delivered 15 aircraft – 7 commercial and 8 executive – in the first quarter, 7% more than in the same period last year, and reached the end of March with a confirmed order backlog of US$ 17.4 billion.
In terms of operating results, the company reported that ebitda for the period was negative R$52.9 million (about US$10.58 million), fifty times higher than in the first quarter of last year, when it was negative R$1.1 million (about US$220,000).
Net debt stood at 5,780.3 million reais (about US$1,156 million) last March, compared to 6,884.6 million reais (about US$1,376.92 million today) a year ago, reported EFE.
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