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Embraer S.A. (NYSE:ERJ) shares are trading higher on Thursday. The company released 2024 fiscal year second quarter earnings before the market opened.
The Details: Embraer reported EPS of 43 cents beating analysts estimate of 27 cents and revenue of $1.49 billion beating analysts estimate of $1.42 billion. The company’s revenue figure represents a 67% growth quarter-over-quarter.
Embraer broke down its revenue further, stating that $335.5 million came from executive aviation, $187.2 million from defense and security, $553.5 million from commercial aviation, $403.6 million from services and support and $14.4 million from other sources.
Revenue from other sources fell by approximately 30% year-over-year which the company attributed to lower volumes in the agriculture segment. However, defense and security revenue increased about 130% year-over-year.
For the 2024 fiscal year, the company anticipates delivering between 72 and 80 commercial jets and between 125 and 135 executive jets. Embrarer also project consolidated revenues will range from $6.0 billion to $6.4 billion for the fiscal year.
In the second quarter, the company delivered 27 executive jets, 19 commercial jets and 1 multi-mission C-390 Millennium, totaling 47 jets for the quarter.
Related Link: NTSB Calls Out Boeing For Safety Lapses: FAA Steps Up Scrutiny
ERJ Price Action: Embraer stock is moving 8.42% higher at $29.36, according to data from Benzinga Pro.
Image: Courtesy of Embraer
Posted In: ERJ
