Embraer reported that as a result of a smaller number of aircraft delivered in 1Q10 compared to 1Q09, and a different mix of products, net sales came down from US$ 1,154.1 million in 1Q09 to US$ 990.1 million in 1Q10. In terms of gross profit, the reduction was offset by a good revenue mix, in which defense and service contributed with 33.4% of the quarter’s revenue while the average participation of those segments in 2009 was 19.9%.
The EBIT and EBIT margin were US$ 57.4 million and 5.8% respectively. Operating income margin was higher than 1Q09; even adjusting 1Q09 margin by the one-time expenses related to the Company’s restructuring costs. Net income attributable to Embraer was US$ 35.3 million for the period. The net margin achieved 3.6%, and was 5.6 points higher than the net margin for the same period of 2009.
Embraer’s jet deliveries totaled 41 aircraft in the 1st quarter 2010, 21 commercial jets, 19 executive jets, and one for defense.
