Embraer announced a first-quarter net income of $62.7 million, down 40.4% from the $106.3 million net income in the year-ago period.
The regional jet manufacturer said increased financial expenses coupled with higher income taxes contributed to the poorer results.
Revenues increased to $1.16 billion, compared to $1.06 billion in the year-ago quarter.
EBIT fell to $85.7 million from $94.3 million. A 10% increase in wages in Brazil at the end of 2011 was the main factor behind cost increase to $71 million from $57.2 million. Selling expenses went up 15% to $108.7 million.
EBITDA margins decreased from 14.8% to 12.8%.
Commercial aviation business accounted for 65.7% of net revenues, equivalent to $759.7 million.
The company delivered 21 aircraft in the 2012 first quarter, one more than last year.
Article Source : ATW Daily News
No comments:
Post a Comment