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Embraer surges on plane orders
SAO PAULO - Embraer is amassing its biggest haul of regional-jet orders in five years as US airlines buy bigger planes, keeping assembly lines busy while the company develops a new class of aircraft due to arrive in 2018.
The 119 E-Jet purchases ahead of this month’s Paris Air Show, the largest industry expo for deal announcements and new models, have a list value of about $5 billion. They helped fuel Embraer’s year-to-date rally of 34 per cent through Friday, the most in Brazil’s benchmark Ibovespa index.
US carriers are acquiring 76-seat E-175 jets as they phase out the fuel-slurping 37- and 50-seaters popular in the 1990s when Sao Jose dos Campos, Brazil-based Embraer and Bombardier created the regional-jet market. Those sales will help bolster Embraer as it shifts to offer upgraded versions dubbed “second generation” or “G2”.
“The company is creating a base of Embraer aeroplanes at these US airlines,” said Bruno Wittmaack, a research analyst at Victoire Brasil Investimentos in Sao Paulo, which manages 2.2 billion reais ($1.04 billion) including shares in the planemaker. “This guarantees some of the sustainability of the next generation.”
Embraer traded on Thursday at 15 times estimated 2013 earnings, compared with 12 times for Montreal-based Bombardier, data compiled by Bloomberg show. The shares rose 0.8 per cent to 19.30 reais at the close in Sao Paulo while the Ibovespa fell.
Pilot Contracts
US airlines paved the way for the E-175 deals by renegotiating pilot contracts to let lower-paying commuter partners fly larger planes. Such outsourcing had been limited to the smallest models, which are now out of favor with jet-fuel prices up almost sevenfold in the past 15 years.
“We are seeing strong demand for the E-Jets and also the G2,” Paulo Cesar de Souza e Silva, Embraer’s president for commercial airplanes, said in an interview in Cape Town.
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