Embraer, the Brazilian aerospace company, has announced a significant turnaround in its financial performance for the third quarter. This positive outcome can be attributed to a surge in sales of commercial jets.
Embraer's net income for the quarter reached 304.5 million reais ($62 million), a stark contrast to the net loss of BRL160.4 million reported in the same period last year. Earnings per share have also significantly improved, with an increase from a loss per share of BRL0.22 to BRL0.41.
Although the sales figure fell short of market expectations, the net income has exceeded predictions. According to FactSet's market consensus, analysts estimated sales of BRL6.7 billion and net income of BRL244 million.
Revenue for the company climbed to BRL6.3 billion from BRL4.9 billion, demonstrating substantial growth. Notably, sales of commercial jets witnessed a remarkable increase, reaching BRL2.1 billion compared to BRL1.3 billion in the previous year. Furthermore, sales of executive jets experienced a positive growth trajectory, rising from BRL1.4 billion to BRL1.7 billion. Defense-related sales also witnessed an upswing, reaching BRL650.9 million, up from BRL499.4 million.
In conclusion, Embraer's favorable financial performance in the third quarter can be attributed to the impressive sales figures from their commercial jets line as well as steady growth in executive jets and defense-related sales.