Embraer Reports Third Quarter 2023 Net Loss of $61.0 Million or $0.33 per Basic ADS Share
Embraer has reported a third quarter net loss of $61.0 million or ($0.33) per basic ADS share on a year-over-year increase in revenue of 38 percent to $1.28 billion. At September 30, 2023, the company had a firm order backlog of $17.8 billion.
On Monday (November 6, 2023), Embraer reported their third quarter financial results for the period ending September 30, 2023. The company reported a third quarter net loss of $61.0 million or ($0.33) per diluted ADS share on a year-over-year increase in revenue of 38 percent to $1.28 billion. During the quarter, Embraer delivered 43 jets including 15 commercial and 28 executive jets (19 light and 19 mid-size). At September 30, 2023, the company had a firm order backlog valued at $17.8 billion, the highest level in one year, driven by higher commercial aircraft sales. Embraer ended the third quarter with cash, cash equivalents and financial investments totaling $1.75 billion and total net debt of $1.1 billion.
Embraer’s E195-E2 received type certification from the Civil Aviation Administration of China (CAAC) during the period, which will allow the company to penetrate the Chinese market. SkyWest ordered 19 new E175s for operation on behalf of United Airlines, and Air Peace, West Africa’s largest carrier, placed a firm order for five E175s. The new E175s will complement Air Peace’s existing E195-E2 fleet. Embraer’s third quarter commercial deliveries included six E175s and nine E195-E2s.
Headquartered in Brazil, Embraer is a global aerospace company and one of the leading manufacturers of aircraft with 70-150 seats, with more than 100 customers worldwide. The company maintains industrial units, offices and service/parts distribution centers across the Americas, Africa, Asia and Europe. Embraer also has businesses in Executive Aviation, Defense & Security, and Agricultural Aviation. 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.