Embraer reported net income of US$345.4 million for 2010 under IFRS accounting standards, down 27.9% compared to income of US$478.9 million for 2009. The company noted that the earnings decline was mainly owing to the fact that it had a tax credit of US$158.1 million in 2009, and a tax liability of US$62.7 million in 2010, as pretax earnings actually rose 27%.
Income for the fourth quarter ended Dec. 31 totaled US$129.6 million, up 25.8% compared to US$103 million earned in the year-earlier period. Annual revenue declined 2.5% to US$5.36 billion while EBIT rose 3.2% to US$391.7 million. Fourth-quarter revenue climbed 20.9% to US$1.97 billion and EBIT more than tripled to US$132.4 million.
Embraer delivered 100 commercial transports in 2010, 22 fewer units than in 2009. Last year's deliveries comprised six ERJ-145s, 11 E-170s (including two on operating lease), eight E-175s, 58 E-190s and 17 E-195s. In 2009, Embraer delivered seven ERJ 145s, 22 E-170s, 11 E-175s, 62 E-190s and 20 E-195s. Revenue from commercial aviation totaled US$2.89 billion last year, or around 54% of total revenue, down 14.6% compared to 2009, when commercial activity represented 61.5% of the business. It delivered record 144 executive jets in 2010.
The company said the commercial aircraft market "showed a moderate recovery with the return of order flow for new aircraft," during the second half of 2010. Citing orders for 97 commercial transports, Executive VP-Airline Market Paulo Cesar de Souza e Silva said the activity sustained the backlog and "represent[s] a strong indication of market confidence in Embraer jets."
The recovery is expected to continue this year, although the pace may be affected by the political unrest in the Middle East and the tragic events in Japan, the company said. It expects to deliver 102 commercial transports in 2011, plus 118 executive aircraft. Revenues this year are expected to rise to US$5.6 billion, with US$3.1 billion coming from commercial activities.
Income for the fourth quarter ended Dec. 31 totaled US$129.6 million, up 25.8% compared to US$103 million earned in the year-earlier period. Annual revenue declined 2.5% to US$5.36 billion while EBIT rose 3.2% to US$391.7 million. Fourth-quarter revenue climbed 20.9% to US$1.97 billion and EBIT more than tripled to US$132.4 million.
Embraer delivered 100 commercial transports in 2010, 22 fewer units than in 2009. Last year's deliveries comprised six ERJ-145s, 11 E-170s (including two on operating lease), eight E-175s, 58 E-190s and 17 E-195s. In 2009, Embraer delivered seven ERJ 145s, 22 E-170s, 11 E-175s, 62 E-190s and 20 E-195s. Revenue from commercial aviation totaled US$2.89 billion last year, or around 54% of total revenue, down 14.6% compared to 2009, when commercial activity represented 61.5% of the business. It delivered record 144 executive jets in 2010.
The company said the commercial aircraft market "showed a moderate recovery with the return of order flow for new aircraft," during the second half of 2010. Citing orders for 97 commercial transports, Executive VP-Airline Market Paulo Cesar de Souza e Silva said the activity sustained the backlog and "represent[s] a strong indication of market confidence in Embraer jets."
The recovery is expected to continue this year, although the pace may be affected by the political unrest in the Middle East and the tragic events in Japan, the company said. It expects to deliver 102 commercial transports in 2011, plus 118 executive aircraft. Revenues this year are expected to rise to US$5.6 billion, with US$3.1 billion coming from commercial activities.
