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Thursday, January 21, 2021

Embraer Posts $121 Million Loss on COVID-19 Travel Restrictions

Brazilian aerospace company Embraer posted a $121 million loss for the third quarter, as the COVID-19 crisis and the lockdown measures imposed to contain its spread curbed travel across the world, hitting demand for commercial jets and private planes.

Brazilian aerospace company Embraer posted a $121 million loss for the third quarter, as the COVID-19 crisis and the lockdown measures imposed to contain its spread curbed travel across the world, hitting demand for commercial jets and private planes.

In a statement, the company said it burned through $567 million in cash during the quarter, pointing out that “despite this delicate situation, we guarantee our clients that Embraer will restore its full capacity as soon as possible.”

Commercial jet revenue was the hardest hit, falling to $177 million from $408 million in the year 2019 as the COVID-19 crisis ravaged commercial travel.

The newspaper pointed out that the executive jets division, which some analysts believed would be a bright spot as millionaires would spend to travel in isolation, also fell significantly. 

Executive jets revenue fell to $212 million from $363 million in 2019.

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