Embraer (ERJ) Reports Adjusted Loss In Q2, Revenues Up Y/Y
Zacks Investment Research | Aug 18, 2019 09:24PM ET
Embraer SA (NYSE:ERJ) incurred adjusted loss of 8 cents per share in second-quarter 2019.
Barring one-time items, the company reported GAAP earnings of 4 cents per share against a loss of 72 cents incurred in the prior-year period.
Revenues
Embraer’s second-quarter revenues came in at $1,378.7 million, which surpassed the Zacks Consensus Estimate of $1,350 million by 2.1%. Revenues also increased 10%, year over year, primarily backed by higher deliveries in the Executive Jets segment, boosting the top line by 43.3%.
Order and Delivery
Embraer delivered a total of 51 jets in the reported quarter, up 6.25% year over year. The company delivered 26 commercial and 25 executive (19 light and 6 large) jets during the second quarter compared with 28 commercial and 20 executive (15 light and 5 large) jets in the second quarter of 2018.
Embraer’s backlog at the end of the quarter was $16.9 billion, down from $17.4 billion in the year-ago quarter.
Operational Highlights
In the second quarter, the company’s cost of sales and services totaled $1,180.1 million, up from $1,116.2 million in the prior-year quarter.
Also, Embraer’s gross profit grew 44.2% to $198.6 million.
It posted quarterly adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $67 million compared with $41.5 million in the year-earlier quarter.
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