Bizjet Division Shines at Embraer
Brazil-based aircraft manufacturer Embraer on Friday said its profits dropped 36 percent last year, to $248.5 million, versus $388.7 million in 2008, while net sales last year stood at $5.47 billion, down from $6.34 billion in the previous year. Although revenues from commercial aircraft sales fell, the fortunes of the executive aviation division actually improved. Despite some delivery postponements and cancellations in the segment as a result of the sour economy, Embraer’s executive aviation segment net sales reached $896.3 million, up nearly $20 million over 2008, while deliveries of business jets at the company reached new highs. In terms of revenues, the lower number of Legacy 600 deliveries–18 last year versus 33 in 2008–was offset by the deliveries of three Lineage 1000s, 93 Phenom 100s and the first delivery of a Phenom 300. Overall, the manufacturer delivered 115 business jets last year, just short of tripling the 36 it shipped in 2008. Embraer said its executive aviation division also increased its market share based on total revenues from 4.1 percent in 2008 to 6.4 percent last year; based on delivered aircraft, market share increased from 3.3 percent to 14 percent. The company expects executive aviation net sales to climb to $1.1 billion this year and projects shipping 137 business jets by year-end.