Embraer operating earnings drop by more than half in Q1

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Embraer today announced that it delivered fewer aircraft and posted thinner operating margins in the first quarter.

The Brazilian manufacturer delivered 17 small narrowbodies in the first quarter, or 4 fewer than in the same period a year ago.

Earnings before interest and taxes dropped to $39.6 million, less than half of the $85.6 million posted in the first quarter last year.

Revenues declined 5.75% year-over-year to $1.09 billion.

Overall backlog grew to $13.3 billion, Embraer says, on the strength of reviving commercial sales and rising orders in the Defense & Security segment.

The company's net cash position worsened in the quarter. The company held $92.8 million as of 31 March, compared to $309 million on 31 December.

Embraer's executive jets unit delivered eight light and four large jets, but the combined amount was one fewer than the same period a year ago.