Embraer shares hit all-time high after record Flexjet order

Brazilian planemaker Embraer shares rose more than 15% on Wednesday, hitting an all-time high after the company announced a deal to supply Flexjet with up to 212 jets, a contract valued at up to $7b at current list prices. The agreement represents the largest firm order for Embraer's executive aircraft, with firm orders for 182 aircraft and options for another 30, the group said in a statement. "Although an order of this size very likely includes discounting, the depth and breadth of this order looks robust, in terms of what it means for the company's backlog and jet delivery stream," analysts at Citi said in a note. Sao Paulo-traded shares of Embraer, which more than doubled in value in 2024, were up 15% on Wednesday to top 66 reais ($11.4) each, becoming the top gainer on Brazil's benchmark stock index Bovespa. The order from Flexjet, which allows clients to buy a part-share in aircraft, comes as a major boost for the Brazilian company, which had already been riding tailwinds on strong demand for its commercial and military aircraft. The deal comprises a fleet of Praetor 600, Praetor 500 and Phenom 300E jets along with related services and support. "This is the largest order placed by Flexjet in its 30-year history and is also the largest firm order for Embraer's executive aircraft," the Brazilian company said.<br/>