Embraer profit rises as order backlog hits record high
18 Mar 2008
Brazilian manufacturer Embraer said that a surge in new aircraft orders has helped boost net income for 2007 to $489.3 million, a 25.4% increase over the $390.1 million earned in the prior year. The growth in net income has come on reported sales of $5.25 billion, which is also up 39.6%.
Net profit was $200.9 million in the fourth quarter, up 61.5% from the $124.4 million earned in the year-ago quarter.
Embraer said its firm-order backlog has increased 9.3% over the previous year, reaching a record high of $18.8 billion. The manufacturer has reported 764 firm orders, with options for a further 786 aircraft.
The firm hired an additional 4,500 workers and boosted deliveries to 169 jets, a record for the firm. The hiring was also supplemented with a third work shift.
Embraer, which delivered 130 aircraft in 2006, now expects to produce about 200 aircraft in 2008.
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