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Embraer Q1 operating profit down a third to $26.4 million

Embraer reported a 35% decline first quarter operating profit to $26.4 million, driven by lower delivery volumes and revenue.

Revenue fell 4.8% to $992 million in the period, says the manufacturer.

HIgher financial expenses contributed in pushing Embraer to a net loss of $12.3 million in the first quarter, compared with a net profit of $53.2 million in the corresponding period in 2017.

Financial expenses rose to $44.9 million in the period, up from $4.7 million a year ago.

Embraer delivered 14 commercial and 11 executive jets in the first quarter, down from the 18 commercial and 15 executive aircraft it delivered in the first quarter of 2017.

Its firm order backlog at the end of the quarter, now including contracts of its new services and support segment, stood at $19.5 billion.

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