While Embraer’s business jet deliveries remained stable year-over-year in the first quarter at 11 aircraft, revenues for the Brazilian manufacturer’s Executive Jets unit dipped slightly to $117.3 million, the company announced this morning. The first quarter Executive Jets results were down from $127.8 million a year earlier.
Overall, Embraer’s revenues totaled $823.3 million in the quarter, down from $960.3 million a year earlier, and the company posted a net loss of $42.5 million. This came as Embraer shipped three fewer commercial aircraft, for a total of 11, and as it prepares for its alignment with Boeing later this year. In fact, the only area to bring in more revenues was services and support, which was up a little more than $5 million to $244.2 million in the quarter.
Embraer, however, said it remains confident in its 2019 guidance for both commercial jets (85-95) and executive jets (90-110) and added it expects deliveries to increase in upcoming quarters. The company also noted the recent Brazilian certification of its super-midsize Praetor 600 and said backlog extends to May 2020 and that deliveries would begin shortly.
Embraer ended the quarter with an overall backlog of $16 billion, down from $19.5 billion a year earlier.