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Brazil's Embraer delivers 30 jets in Q3, sees $16.8 billion backlog

Brazil's Embraer delivers 30 jets in Q3, sees $16.8 billion backlog
Brazil's Embraer delivers 30 jets in Q3, sees $16.8 billion backlog   -   Copyright  Thomson Reuters 2021
By Reuters

SAOPAULO – Brazilian planemaker Embraer delivered 30 jets in the third quarter, up 7.1% from a year earlier but down 11.7% from the previous quarter, it said on Thursday, adding the deliveries comprised nine commercial planes and 21 executive jets.

Embraer also said in a securities filing that its firm order backlog totaled $16.8 billion in Sept. 30, up from $15.1 billion in the same period of 2020 and $15.9 billion at the end of the second quarter of 2021.

According to the Brazilian company, its commercial aircraft deliveries were down five units from the previous quarter, while executive aircraft deliveries rose by one unit.

Itau BBA analysts said the figures showed good overall performance in deliveries and a robust backlog, in line with expectations, despite commercial deliveries having declined after a “strong” second quarter.

“We believe that the overall performance was solid, suggesting that demand continues to recover … Our optimism is reinforced by the $16.8 billion backlog,” Itau BBA said, maintaining its “outperform” rating for Embraer shares.

Brazil-traded shares in Embraer were down 1.8% at 24.20 reais in early afternoon trading, but outperformed the broader Bovespa stock index, which plunged 2.9% on worries the country would breach its constitutional spending cap to fund a new welfare program.