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Embraer CEO reveals damage of pandemic and cancelled Boeing buyout on OEM’s bottom line
March 22nd 2021
Embraer CEO, Francisco Gomes Neto, said the Brazilian aerospace company battled the coronavirus pandemic and Boeing's termination of a proposed commercial aircraft partnership last year resulting in losses that more than doubled over the previous 12 months. Read More » The aerospace manufacturer reported a net loss of US$731.9 million for the 12 months to December 31, 2020 compared with red ink of US$322.3 million a year earlier. Revenue declined 31%, to US$3.8 billion, for the reported period, Embraer told the Brazilian Securities and Exchange Commission last Friday. The company delivered 44 commercial aircraft in calendar 2020, down more than half from 89 jets in 2019. Embraer will not offer 2021 financial and delivery guidance due to continued uncertainty from the pandemic, Neto said: “We see 2021 still as a challenging year. In commercial aviation, we expect some growth from 2022. To be back to pre-COVID levels, we believe this will happen from 2023,” he forecast.
