Embraer reverses losses and earns US$290.7 million up to September
Brazil’s Embraer, the world’s third-largest aircraft manufacturer, reversed losses in the first nine months of 2023 with a net profit between January and September of this year of 1.655 billion reais (about 290.7 million dollars), the company reported Friday.
The aeronautical company, a world leader in the commercial aircraft sector for regional flights (up to 150 seats), had losses between January and September 2023 of R$160 million (about US$28.1 million).
According to its balance sheet, Embraer obtained profits of 991.6 million reais (about US$ 174.2 million) in the third quarter of this year, 226% higher than in the same period last year.
Excluding extraordinary effects, the company’s profit in the third quarter soared 600% compared to the same period in 2023, to R$1.18 billion (about US$207.3 million).
The company attributed the strong quarterly and year-to-date recovery to increased aircraft deliveries to its customers.
→ FAA certifies Embraer E190 Freighter
Embraer delivered 57 aircraft (16 commercial and 41 executive) in the third quarter, 33% higher than in the same period of 2023. Deliveries in the first nine months of the year totaled 128 aircraft (42 commercial and 89 executive), an increase of 21.9% compared to the same period in 2023.
This increase allowed the company’s revenues to rise 32.3% between January and September of this year, to 21,680.7 million reais (about 3,808.3 million dollars).
Operating income (Ebitda) jumped 346.3% to 2,230.9 million reais (about US$ 391.9 million) in the first nine months of the year.
The company reduced its gross debt by 1.7% in the last twelve months to 14.04 billion reais (about US$2.466 billion) at the end of September.
The company’s forecast is to further increase deliveries in the fourth quarter, when it typically delivers 45% of its customers’ aircraft for the entire year, and to close 2025 with between 197 and 215 aircraft delivered, higher than expected.
According to Embraer, the order backlog rose to US$22.7 billion at the end of September, an annual increase of 25% and the highest level in nine years.
The good results led the manufacturer to improve its forecasts, and it now estimates that it will end 2024 with revenues of between 6 and 6.4 billion dollars.
With information from EFE
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