Embraer Deliveries Fail To Reach Target

Embraer has formally announced its 3Q deliveries, which totalled 44 by the end of September 2013, down considerably from its target. Of those 44, Embraer delivered 19 commercial and 25 executive jets during the quarter. This compared to the 51 deliveries made during the last quarter. However, the quarterly deliveries exceeded the 40 made in the same period one year-ago. The news resulted in a 4.7 per cent drop in shares when it was first announced to its shareholders on October 15. Embraer has a firm order backlog of $17.8bn, up 4.1 per cent from the last reported quarter. The manufacturer had planned to deliver 90 to 95 commercial jets, 80 to 90 light executive jets and 25 to 30 large executive jets this year. It will now struggle to meet this annual guidance having a target of 32 to 37 commercial jet deliveries during the 4Q.

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