Why Embraer Shares Are Down Today
Shares of Embraer (NYSE: ERJ) traded down more than 10% at the open Thursday on the heels of the Brazilian aerospace manufacturer's fourth-quarter earnings report. Earnings came in well ahead of expectations, but Embraer isn't as optimistic about 2022 as some investors might have hoped.
Embraer earned $0.31 per share in the fourth quarter, significantly better than the $0.11 per share analysts had expected, but much of that beat was due to below-the-line items including tax credits. Embraer's revenue in the quarter was down 30% year over year to $1.3 billion, short of analyst expectations for $1.47 billion in sales.
Embraer's KC-390 in flight. Image source: Embraer.
Source Fool.com
