Brazil's Embraer sees revenue at top of range after pandemic recovery

Brazil's Embraer has already won enough orders to meet the top end of its targeted revenue range for the current financial year, the planemaker said Monday as it sees a bounce from a COVID-19 related downturn. The positive outlook came after large revenue drops due to the pandemic and a failed deal in early 2020 for Boeing to take over its commercial aviation division, after which it was forced to reintegrate the unit.<br/>The latest update comes only weeks after Embraer on April 28 reaffirmed its financial outlook for 2022, with revenue seen reaching between $4.5b and $5b. CFO Antonio Carlos Garcia said on Monday the company already had enough orders to meet the top end of that range, though the outcome would still depend on its ability to deliver all aircraft ordered. "The only question mark is our ability, with our partners, to deliver those aircraft. It is just a matter of the disruption we see today in the market. We have orders for the $5b (revenue goal)," Garcia said. Embraer's firm order backlog hit $17.3b at the end of Q1, the highest level since early 2018. Garcia said Embraer is focused on reaching what it has already promised, adding that it "could be better" but supply chain constraints remained a potential drag. "We always work to exceed market expectations - we did it last year - but we do prefer to deliver what we promised because we want to regain credibility in the capital markets," he said.<br/>