Embraer announces 19% y/y revenue increase

Brazilian aircraft maker Embraer reported $717 million revenues in the first quarter of 2023, 19% up on 2022 and “in line” with what it had forecast. The company reported “cash consumption” of $399 million, which it said was “due to seasonality and in preparation for higher deliveries in the coming quarters”. Revenue growth was driven by defence and security, which was up 56% y-o-y, while services and support saw 20% increase and a gross margin “27.1% higher than 26.5% reported in 1Q22 due to enterprise efficiency and MRO [maintenance, repair, overhaul] performance”. The commercial aviation section reported revenue growth of