Embraer SA dropped the most among the world’s largest planemakers after reporting that aircraft deliveries declined in the first quarter.
Shares slumped 2.4 percent to 17.56 reais at the close of trading in Sao Paulo, the steepest drop since April 3. The benchmark Bovespa index retreated 0.8 percent.
Embraer delivered 17 commercial planes and 12 executive jets in the three months through March, according to a regulatory filing after the close of trading yesterday. That compares with deliveries of 21 commercial planes and 13 executive jets in the same period last year.
The reduction “reflects an anticipated slowdown in the commercial aviation segment,” analysts at Grupo BTG Pactual including Rodrigo Goes wrote in a note to clients today. The investment bank had expected Embraer to deliver 18 commercial planes and 15 executive jets in the first quarter.
Embraer has rallied 22 percent this year after announcing an order from Republic Airways Holdings Inc. that may total $4 billion and signing a $950 million contract to sell jets to the U.S. Air Force. The Bovespa is down 9.8 percent in 2013.