Summary Embraer saw growth in both the executive aviation and commercial sectors, with a 16% revenue increase year-over-year. The company delivered 47 total jets in the second quarter, an 88% increase from the first quarter. Embraer remains on track to meet its projected full-year guidance for 2024, despite ongoing supply-chain constraints.
On Thursday, August 8th, Embraer released its financial results from the second-quarter and first half of 2024. The Brazilian aircraft manufacturer reported growth in both the executive aviation and commercial sectors. Embraer also recorded a new high in private aircraft, which keeps the company on track to meet its projected full-year guidance for 2024.
The Phenom 100EX is the latest very light business jet series variant. Overall, Embraer recorded a quarterly revenue of $1.5 billion, which is a 16% year-over-year increase.
The company recorded a net income of $80.4 million, which was a significant increase from the $58 million net income from the second quarter of last year. The company delivered 47 total jets in the second quarter, which was an 88% increase from the aircraft delivered in the first quarter of this year.
Results in the private sector Embraer delivered a total of 27 business jets during the quarter. This included 20 light jets and seven medium business jets. This keeps the company on track for its end of year guidance of 125 to 135 private jets total.
The Chief Financial Officer (CFO) of Embraer, Antonio Carlos Garcia, spoke about meeting the guidance on a call with analysts. He stated, "We are fully committed to reaching our full-year guidance, despite all the ongoing supply-chain constraints we continue to deal with." The company recorded nine more executive aircraft delivered than in the first quarter of this year.
However, this was slightly less compared to the second quarter of last year, when Embraer delivered 30 aircraft. Specifically, for private jets, Embraer recorded a revenue of $336 million. This was a slight decrease in the second quarter year-over-year.
The company also recorded the best first half revenue in at least the last ten years. Additional second quarter results Embraer recorded impressive results in the commercial segment as well. The company delivered 19 commercial aircraft , with eight E1-175s, seven E2-195s, and four E2-190s.
This was an increase from the seven aircraft delivered in the first quarter. It was also a 12% increase from the second quarter last year, in which Embraer totaled 17 deliveries in last year's second quarter. Overall commercial revenues totaled over $550 million, which was a 17% year-over-year increase.
Last year during this time, Embraer only recorded $472 million in revenue. The company reported a slight decrease in margin from last year's second quarter. The company also delivered a C-390 Millennium in the defense sector.
This is in line with the twice per year delivery that it has been following. It recorded a revenue of $188 million, a 130% higher year-over-year record. This was a much improved increase from the $82 million revenue of last year's second quarter.
Beyond that, Embraer recorded a $404 million revenue in its service and support business segment. This was a 19% increase from last year. The Agricultural Aviation business segment recorded only $14.
4 million in revenue, which was slightly down from last year's second quarter revenue of $20.2 million..
