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Embraer ( ERJ) reported on March 26, 2009 that its Q4 FY08 earnings plunged 44.4%, hurt by reduced sales. Net income for Q4 FY08 declined to $111.70 million or $0.7181 per American depositary share (ADS) from $200.90 million or $1.0838 per ADS a year ago. The most recent consensus estimate was $1.09 per ADS.

Revenue dropped 3.0% to $1.82 billion from $1.88 billion a year ago due to the economic downturn. The company delivered 59 jets in the Commercial Aviation, Executive Aviation, and Defense and Government segments against 61 deliveries in Q4 FY07. Segment-wise, revenue from the Commercial segment, contributing 65.5% of total revenue, inched up 2.9% to $1.19 billion from $1.16 billion. Revenue from the Defense and Government segment increased 17.5% to $176.40 million from $150.10 million a year ago, led by increased aircraft deliveries. The Executive Aviation segment's revenue slipped 26.8% to $249.70 million from $341.20 million due to lower number of Legacy 600 jets delivered. The Aviation Services segment revenue advanced 20.4% to $169.00 million from $140.40 million a year ago.

At the end of Q4 FY08, Embraer's order backlog stood at $20.90 million compared with $21.60 million in Q3 FY07.

Embraer signed a contract with England's British Airways for firm orders for 11 E-Jets, which will be operated by BA CityFlyer. The company also delivered the first EMBRAER 190s to Holland's KLM Cityhopper, and EMBRAER 195s to Azul Linhas Aéreas. Recently, ERJ announced the sale of 24 Super Tucano planes to the Ecuadorian Air Force.

For FY08, net income fell 20.6% to $388.70 million or $2.2432 per ADS from $489.30 million or $2.6412 per ADS a year ago. Annual revenue spiked 20.8% to $6.34 billion from $5.25 billion in FY07.

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