Embraer today is announcing full year results for 2008, and it will be interesting to see what updates management has on layoffs already announced and the general evolution of the business in the first few months of the year.
One of the more interesting figures to watch will be whether Embraer can stick with its revised 242 unit delivery target.
The global slowdown is already reflected in 2008 numbers. Backlog peaked in the third quarter at $21.6 billion, and was down to $20.9 billion by year-end.
The Brazilian aircraft maker had somewhat of a mixed performance in 2008. Sales topped $6 billion for the first time, reaching $6.3 billion, with aircraft deliveries reaching a new high of 204 units (162 in the commercial segment, 6 in defense and government operations, and 36 in executive aviation, including the first two Phenom 100s). Commercial aviation brought in 66.9% of sales.
However, the company ended the year with net income down to $388.7 million from $489.3 million in the prior year, with the net margin down to 6.1%. Operating margin, however, was up from 7.1% in 2007 to 8.5% in 2008.
Here’s the firm-order backlog for Embraer’s commercial business at the end of December 2008:
ERJ 145: 40
ERJ 170: 45
ERJ 175: 20
ERJ 190: 237
ERJ 195: 84