Embraer Executive Jet Affirms 2024 Delivery Goals, Despite Q2 Decline

Embraer released its earnings report for the second quarter (Q2) of 2024, citing the continued strength of its executive jet segment.

The Brazil-based manufacturer posted Q2 revenue for its business aircraft division of $335.5 million, down 11% from the same period a year ago, which it attributes to lower deliveries in the quarter and product mix. Despite that, the division posted the best first half when it comes to revenue in 10 years, Embraer says. 

The company’s executive jet division reached a Q2 backlog of $4.6 billion, representing an increase of 1% quarter-over-quarter. In total, the company’s firm order backlog reached $21.1 billion—its highest in the past seven years.

In Q2 2024, Embraer’s Phenom 300 accounted for 18 of its 27 medium and light jet deliveries, down 10% from a year ago. Embraer maintains its 2024 guidance of 125-135 jet deliveries, however.

“We still see a strong interest in our business jet product portfolio,” Embraer CEO Francisco Gomes Neto says. “We are selling all four models very well in line with our expectations, and now, our challenge is more to ramp up production levels and deliveries than sales ... We are very optimistic about not only sales, but the deliveries and the growth of our business jet business in the next years.”

Embraer’s services and support segment saw a 20% increase year-on-year, reporting $404 million in revenue for the quarter. Embraer’s services and support segment, combined with its executive aviation segment, generated over 75% of the company’s entire EBIDTA (earnings before interest, taxes, depreciation and amortization) during Q2.

According to Embraer, the company at large saw a 15% increase in Q2 revenues year-over-year. Subsequently, Embraer’s total revenue for the first half of 2024 increased by 19% year-on-year—sporting a total first half 2024 book-to-bill ratio of 2.2:1.