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Embraer Falls as Earnings Decline on Deliveries: Sao Paulo Mover

Embraer SA, the Brazilian planemaker that has led gains on the Ibovespa this year, slumped after posting quarterly earnings that trailed analysts’ estimates as jet deliveries declined.

The shares fell 5.7 percent to 19.80 reais at the close of trading in Sao Paulo, the biggest one-day drop since July 11, 2012. It was the worst performance on the Ibovespa equity benchmark, which added 0.7 percent.

“The lower number of deliveries of commercial aircraft is still reflecting last year’s poor backlog impacted by worries about global macroeconomic conditions,” Banco Bradesco SA analysts led by Edigimar Maximiliano Jr. wrote today in a research note to clients.

Embraer’s earnings before interest, taxes, depreciation and amortization fell 19 percent to 427.1 million reais ($189.5 million) in the second quarter from a year earlier, according to a regulatory filing yesterday after the market closed. That compares with an average estimate of 441.9 million reais among 10 analysts surveyed by Bloomberg. The company delivered 22 commercial jets, compared with 35 in the prior period, according to the filing.

The Sao Jose dos Campos-based planemaker has climbed 37 percent this year as it announced an agreement to sell jets worth as much as $8.3 billion to SkyWest Inc., an order of as much as $4 billion from Republic Airways Holdings Inc. and a $950 million contract with the U.S. Air Force. The planemaker’s backlog reached $17.1 billion in the second quarter, the highest level since 2009.

That series of new orders is “clearing the skies for future results going further,” Bradesco’s analysts wrote.

The Ibovespa has lost 19 percent this year.

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