Brazil's Embraer posts quarterly loss due to fewer plane deliveries
May 15, 2019 - By Marcelo Rochabrun
SAO PAULO - Embraer SA reported a $42.5 million loss for the first quarter on Wednesday, its fifth straight quarter of losses, as revenue fell amid fewer plane deliveries and as the Brazilian planemaker spent heavily ahead of a deal with Boeing Co.
Revenue fell most sharply, by 26% to $281 million, in its commercial aviation segment in the three months ended March 31. The company delivered 11 commercial jets in the quarter, three fewer than a year earlier. Overall, revenue fell 14.1%.
The results were "weaker than expected," analysts at Brazilian bank BTG Pactual said in a note to clients.
Shares fell over 4% in Sao Paulo in morning trading.
Embraer has been spending heavily to separate its commercial jet division, in which Boeing is buying a controlling stake for $4.2 billion. Embraer's available cash fell by $512 million in the latest quarter...