Embraer Swings to Loss Due to KC-390; Boeing JV Still a Question Mark
Narrow-moat Embraer reported lower revenue and profits due to a KC-390 flight test accident, resulting in charges and a revenue reversal in its defense business this quarter. Commercial aviation and services and support margins looked solid, but executive jets came in a bit light and the business remains an area of concern. Although we modestly trimmed our 2018 adjusted operating (EBIT) margins, the time value of money offset this and we’re maintaining our $25 fair value estimate.We’re not mode...
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