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Embraer Reports Net Loss of $292 Million or $1.59 per Share for First Quarter 2020

Embraer reported on Monday a first quarter 2020 net loss of $292 million or $1.59 per share. The company ended the quarter with $2.5 billion in cash and debt totaling $3.8 billion for a net debt position of approximately $1.3 billion.

Embraer Reports First Quarter 2020 Financial Results - Courtesy Embraer

Today (June 1st, 2020), Embraer reported a net loss of $292 million or $1.59 per share for the first quarter 2020 on a 23% year-over-year revenue decline to $633.8 million. The results include special items related to the COVID-19 impact such as a $22.2 million in negative fair value changes in the firm’s stake in Republic Airways Holdings and $33.4 million in bad debt provisions on accounts receivables. Embraer ended the first quarter with $2.5 billion in cash and debts totaling $3.83 billion for a net debt position of around $1.33 billion.

During the first quarter, Embraer delivered five commercial and nine executive jets, and the company has a firm order backlog valued at $15.9 billion. In January, Embraer and SkyWest signed a firm order for 20 E175 jets in a 76-seat configuration with a list price value of $972 million, which is included in the company’s 2019 backlog. In March, the company demonstrated their E195-E2 ‘TechLion’ at Wings India. The next generation aircraft offers a 25% lower trip cost when compared to similar narrowbody aircraft. On April 24, 2020, Boeing terminated their Master Transaction Agreement (MTA) with Embraer claiming that certain closing conditions had not been met, a claim that Embraer strongly denies. The MTA was to establish joint ventures with Embraer’s commercial aviation business and develop new markets for their C-390 medium airlift and air mobility aircraft. Embraer is pursuing all remedies against Boeing for what they believe was a wrongful termination of the MTA, including arbitration proceedings, which have already commenced by both sides.

Embraer is the leading manufacturer of aircraft up to 150 seats and has more than 100 customers worldwide. The company has logged over 1,800 orders for their newest generation E-Jets and has already delivered 1,500 to 80 customers in 50 countries. Since the company’s founding in 1969, Embraer has delivered over 8,000 aircraft. Today, an Embraer aircraft takes off on average every ten seconds, carrying over 145 million passengers annually.

Source: Embraer


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