RIO DE JANEIRO, BRAZIL – Brazilian aircraft manufacturer Embraer on Tuesday posted a US$121 million loss for the third quarter, as the coronavirus pandemic curbed travel across the world, hitting demand for commercial jets and private planes.
Brazil planemaker Embraer on Tuesday posted a US$121 (R$653) million loss for the third quarter
Commercial jet revenue was the hardest hit, falling to US$177 million from US$408 million a year ago as the pandemic ravaged commercial travel.
But the executive jets division, which some analysts believed would be a bright spot as the ultra-rich would spend to travel in isolation, also fell significantly. Executive jet sales revenue fell to US$212 million from US$363 million a year ago.
Its defense division, however, managed to grow its revenue on higher deliveries of military planes. Still, Embraer’s defense division remains a smaller business segment than making civilian planes.
The company said it burned through US$567 million in cash reserves during the quarter.
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What Embraer does. Embraer S.A., together with its subsidiaries, designs, develops, manufactures, and sells aircraft and systems worldwide. It operates through Commercial Aviation; Defense & Security; Executive Aviation; Services & Support; and Other segments. The Commercial Aviation segment develops, produces, and sells commercial jets. Its Defense & Security segment develops and produces military aircraft and…
