By Jeffrey T. Lewis
SÃO PAULO–Embraer swung to a profit in the third quarter after sales of the Brazilian aerospace company’s commercial jets jumped.
Embraer reported net income of 304.5 million reais, the equivalent of $62 million, compared with a net loss of BRL160.4 million in the first quarter of last year. Earnings per share reached BRL0.41, from a loss per share of BRL0.22 in the third quarter of 2022.
The figure for sales undershot market expectations, while net income outperformed, The market consensus compiled by FactSet was for sales of BRL6.7 billion and net income of BRL244 million.
Revenue increased to BRL6.3 billion from BRL4.9 billion. Sales of commercial jets rose to BRL2.1 billion from BRL1.3 billion a year earlier, while sales of executive jets increased to BRL1.7 billion from BRL1.4 billion. Defense-related sales grew to BRL650.9 million from BRL499.4 million.
Write to Jeffrey T. Lewis at [email protected]
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