Embraer Rises in Sao Paulo as Jet Deliveries Outpace 2011
Embraer SA (EMBR3), the world’s fourth- largest planemaker, rose to a three-week high after reporting a 5.7 percent increase in jet deliveries this year and a $12.4 billion backlog of orders.
Shares gained 1.4 percent to 14.15 reais at the close of trading in Sao Paulo, the highest since Sept. 17. The benchmark Bovespa index gained 1.2 percent.
This year through September, deliveries totaled 129 aircraft, seven more than during the same period in 2011, Embraer said in an e-mailed statement yesterday. The backlog of firm orders totaled $12.4 billion on Sept. 30, the Sao Jose dos Campos, Brazil-based company said.
Embraer probably benefited from about $800 million of orders, “which is still not enough to stabilize the backlog, but is significantly better than the second quarter in which order intake was close to zero,” Banco Santander Brasil SA analysts including Pedro Balcao Reis wrote in a note to clients.
The Santander analysts expect the company to report revenue of $1.4 billion in the third quarter, in line with last year’s figures, according to data compiled by Bloomberg. Embraer is scheduled to report quarterly results Oct. 23.
Embraer has fallen 14 percent from this year’s high on April 19, while the Bovespa slid 5.5 percent.
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