Fewer Deliveries Creates Turbulence at Embraer but Doesn't Shake Our Long-Term Thesis or FVE
Narrow-moat-rated Embraer, the world’s largest regional jet manufacturer, swung to a loss this quarter on the back of lower jet deliveries and write-downs, reporting negative $24.6 million of adjusted net income. Given the company’s transition to its new E2 jets, we continue to forecast lower revenue and profits this year due primarily to fewer regional jet deliveries. But our midcycle forecast calling for 9% operating margin is unchanged and we’re reiterating our fair value estimate of $25 per ...
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