Embraer SA, a Brazilian plane maker said it might miss a target delivery of its bigger business jet orders this year, however, newer models as well as stronger demands in the United States and Europe will improve the company’s sales of private jets on 2015.
On Thursday, Frederico Curado, company CEO told analysts that Legacy 500’s strong interest will generate orders within the following months, and a buildup of prospects is manifesting throughout the recovery of developing economies.
In China and Brazil, there were reduction in business jets, but noticing an increased level of activities in Europe and the US, which should boost the company’s private jet sales.
On Thursday, the company reported an 11 million dollar net loss, hurt by weak sales of both executive and commercial jets, including the rise in the tax bill. The CEO emphasized a robust year-end delivery of orders that will help in hitting Embraer’s profit and revenue margin targets.
Quarterly profit dropped 53 million dollars, missing the average estimate of 49 million profits. Its defense segment jumped 28% of the company’s revenue during the quarter.
Curado stated that the company is not raising its 2015 target for defense revenue as forecast was released in March. The production of commercial jets remained stable, but with a chance to jump slightly.
Company shares jumped to its record high in the recent months as the BRBY, its local currency hit its weakest level since 2005.
Matthew Slotkin
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