Embraer posts Q2 net loss

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Use this oneBrazilian aircraft manufacturer Embraer reported second quarter losses of US$315 million on Wednesday (5 August) with the main reason attributed to the commercial aircraft division which saw a drop in sales due to the COVID-19 pandemic and a failed joint venture with Boeing. The losses were in addition to the US$292 million lost in the first quarter. This compares to the second quarter of 2019 when the company posted a profit of US$7.2 million. The company said in a statement released with the earnings that commercial fell saw revenue fall by 82.8 percent compared with the same period of last year and it said it delivered only four commercial airliners compared to 26 in the year ago period.

Embraer said due to uncertainty caused by the pandemic it will not be releasing future guidance and said it was “affected negatively” by the collapse of a deal under which Boeing was to have acquired 80 percent of Embraer’s commercial division for US$4.2 billion. The company also said that because of the state of the industry, it would reschedule the start of operations of its newest E175-E2 jet until 2023. “The company believes that the E175-E2 will still be available with more than adequate time to enter into service in the commercial aviation market to meet market demand for the jet”, Embraer said.

Download the full Embraer earnings report here.

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