EADSY - Embraer's Q2 loss shrinks as plane sales climb
2023-08-14 12:46:35 ET
Embraer ( NYSE: ERJ ) on Monday posted a smaller loss in Q2 after the Brazilian aerospace company increased revenue as plane deliveries grew. Its stock fell as much as 5.7% in regular trading in New York.
The world’s third-biggest plane maker after Airbus ( OTCPK:EADSY ) ( OTCPK:EADSF ) and Boeing ( BA ) said deliveries rose 47% from a year earlier to 47 jets in Q2, including 17 commercial aircraft and 30 executive jets.
Revenue grew 27% from a year earlier to $1.29 billion, beating the average estimate of $1.21 billion among Wall Street analysts. Its net loss shrank to $18.8 million in Q2 from $146.4 million a year earlier.
Adjusted net profit expanded 25% from a year earlier to $57.9 million, beating the consensus estimate of $24.3 million, according to data compiled by Refinitiv.
Management reaffirmed its yearly financial guidance, and said its firm backlog stood at $17.3 billion at the end of Q2.
More on Embraer
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Embraer’s Q2 loss shrinks as plane sales climb