Embraer posts quarterly losses
As per the Brazilian aircraft manufacturing company’s quarter three balance sheet, losses amounted to US$ 9.6 million. Revenues were lower than in the preceding quarter.
From the Newsroom*
São Paulo – The Brazilian aircraft manufacturing company Embraer posted losses of R$ 24.3 million (US$ 9.6 million at current exchange rates) in quarter three (Q3) this year. According to the company’s balance sheet for the period, released this Thursday (6th), revenues wre down 3.9% from quarter three of last year, to R$ 2.827 billion (US$ 1,127 billion).
In a press release, Embraer attributed the losses to higher tax-related spending due to exchange rate fluctuations. In turn, revenues declined as a consequence of less aircraft deliveries. In Q3, Embraer delivered 19 commercial jets and 15 executive ones. In Q3 2013, 19 commercial jets and 25 executive jets were delivered.
Year-to-date through September, however, revenues stood at R$ 9.684 billion (US$ 3,861 billion), up 16% from the comparable period in 2013, and net income stood at R$ 554.2 million (US$ 220.9 million). Year-to-date through September in 2013, Embraer’s net income amounted to R$ 170.5 million (US$ 67.9 million).
As of 1:09 pm this Thursday, Embraer common stock (with voting rights) listed on the São Paulo Stock Exchange (Bovespa) was selling for R$ 24.28, up 0.75%.
*Translated by Gabriel Pomerancblum
