Embraer Cuts Delivery Forecast For 2009

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November 10, 2008
Brazilian aircraft manufacturer Embraer has reduced its delivery forecast for 2009 to 270 jets from a previous estimate of between 315 and 350 planes.

Embraer also said in a statement that it expects to invest a total of USD$450 million next year. In the first nine months of 2008, Embraer spent a total of USD$407 million in investments.

Last week, Embraer said it has not received any order cancellations because of the global financial crisis, which has restricted the availability of credit and is slowing economic growth around the world.

But the company warned that the scarcity of credit would likely force some clients to request delays on delivery.

Embraer delivered 48 jets in the third quarter, compared with 47 in the year-earlier period and 52 in the second quarter of this year.

Embraer is the world's leading producer of regional jets seating up to 120 passengers. It also makes luxury business jets and military aircraft.

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