Embraer turned a $28.7 million profit in the first quarter of 2024, a significant year-on-year improvement coming amid significantly better results from the company’s business aviation division.
That unit generated $240 million in revenue during the first quarter, nearly three times the $87 million it brught in during the same period of last year, Embraer reported on 7 May.
Strong sales of aftermarket services and support also brought in revenue of $366 million during the first quarter, a 12% year-on-year bump.
Those gains helped carry Embraer’s other divisions. Revenue from its defence and security business declined 17% year on year to $81 million, while turnover at its commercial aviation division was essentially flat year on year, at $201 million.
Total revenue stood at $897 million in the first three months of 2024, up 25% year on year.
“Our commercial activity continues to be strong in all business units,” says Embraer chief executive Francisco Gomes Neto, adding that the first quarter is typically the company’s weakest. “We expect further improvement as the year progresses.”
The results come as Embraer significantly hiked deliveries of business aircraft in the first quarter, handing over 18 jets, including 11 Phenoms light-twins and seven midsize Praetors. By comparison, the company delivered eight business aircraft – six Phenoms and two Praetors – in the first quarter of last year.
On the commercial aircraft side, Embraer’s first-quarter deliveries included seven E-Jets, the same number it shipped in the first quarter of 2023.
The company ended March with a backlog of unfilled orders worth $21.1 billion, up 13% since the end of 2023.
Embraer is standing behind its previously disclosed forecast of generating $6-6.4 billion of revenue this year, and of delivering 72-80 commercial aircraft and 125-135 business aircraft.
