Embraer returns to profit, unveils new turboprop plans

Brazilian planemaker Embraer posted its first quarterly recurring profit in more than three years on Friday and took another step toward the development of the first brand-new Western turboprop aircraft in decades. Turboprops are said to be more efficient on shorter trips and are particularly attractive at a time of higher oil prices. Embraer's new concept for the turboprop would feature engines mounted at the rear of the aircraft, an unusual change from the more conventional wing-mounted engines, the company's CCO, Arjan Meijer, said on Twitter. The company has been searching for a partner to develop a new turboprop that would compete with European manufacturer ATR, which dominates the market with a long-established model of roughly 50 to 70 seats. Embraer had previously sought to develop its turboprop under a partnership with Boeing that fell through early in the coronavirus pandemic. Meijer did not say who would supply the aircraft's engines. Pratt and Whitney currently supplies all turboprop engines, but GE Aviation is developing a competing model. Embraer reported Q2 net income of 212.8m reais ($40.5m), its first recurring profit since Q1 2018, driven by a partial recovery in travel. A year earlier it posted a loss of 1.071b reais and was scrambling to restructure operations to contend with the pandemic and the failed $4b deal with Boeing.<br/>