Jet maker Embraer reaffirms full-year forecast after increased deliveries
Embraer has reaffirmed its full-year forecast as it increased quarterly deliveries compared with 2021 levels.
The Brazilian jet maker said today it shipped 10 commercial aircraft and 23 executive jets in the three months to the end of September – up 10 per cent from last year’s delivery volumes.
The company’s order backlog stood at $17.8bn, up 6 per cent on the year but unchanged compared to the previous quarter.
This led Embraer to reaffirm its forecast of between 100 and 110 executive jets and 60 to 70 commercial planes.
Nevertheless, the results pushed shares down by more than 3.5 per cent as deliveries fell below analysts’ expectations.
JP Morgan analysts, who were expecting 51 planes, told Reuters the firm had “another weak quarter” while Santander said supply chain issues could still be a challenge.
Embraer would not be the only plane maker to continue suffering from disruptions.
Aviation powerhouse Airbus warned late last month the supply chain remained “fragile from the cumulative impact of Covid, the war in Ukraine, energy supply issues and constrained labour markets.”
Rival Boeing, on the other hand, shrunk its losses in the commercial plane business by 7 per cent following the resumption of 787 and 737 deliveries.