Embraer Announces 1Q Results, Phenom 100 Price Increase
Brazilian airframer Embraer this morning announced slightly improved first-quarter revenue over the same period last year, though reduced deliveries and continued supply chain issues resulted in a net profit decrease for the company. Net revenue for the first quarter was up 4.3 percent, to $843.4 million, compared to $808.3 million a year ago. Increased production costs ate into profit, which fell from $231.9 million to $216.3 million. Business aircraft accounted for $119.4 million of the company’s total revenue. The company holds orders for almost 400 of its new business aircraft, the Phenom 100 and 300, and both programs remain on schedule, the company said. In fact, the smaller, yet-to-be-flown Phenom 100 VLJ is selling so well that the company is raising the price on the jet from $2.85 million to $2.95 million. The Phenom 100 is still expected to enter service in the middle of next year.