Embraer reaffirms 2024 outlook with smaller net loss, no plans for new narrowbody

From Investing.com: 2024-05-07 10:11:44

Brazilian planemaker Embraer reaffirmed its full-year outlook after a smaller first-quarter net loss. Quarterly adjusted net loss was $12.8 million, down from $88.9 million last year. Embraer delivered 25 jets, up 67%, leading to a 25% revenue increase to $897 million. Sales activities boosted the firm order backlog to a seven-year high.

CEO Francisco Gomes Neto noted firm orders for over 200 aircraft worldwide. Embraer expects to deliver 72-80 commercial aircraft and 125-135 executive jets in 2024, targeting revenues of $6-6.4 billion. Supply chain issues are improving, with a goal to reach triple-digit commercial jet production next year.

JPMorgan analysts praised Embraer’s solid results, highlighting the highest Q1 revenues since 2018. Despite speculation, Embraer has no plans to develop a larger single-aisle jet to rival Boeing and Airbus. The company is focused on selling existing products with no immediate plan for new aircraft development.



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