January 16, 2018 / 12:21 PM / 3 months ago

UPDATE 1-Embraer deliveries down from 2016, hit full-year target

(Updates with details, background, share performance)

SAO PAULO, Jan 16 (Reuters) - Embraer SA delivered 23 commercial aircraft in the fourth quarter, the Brazilian planemaker said on Tuesday, down sharply from 32 planes a year earlier, but hit its 2017 output targets due to strong volumes in the first half of the year.

Deliveries of executive jets rose to 50 aircraft in the quarter from 43 jets a year earlier, driven by seven more deliveries of Embraer’s entry-level Phenom 100, according to a securities filing.

Embraer has warned that revenue and profits may suffer this year during the transition to a new family of E-Jet commercial aircraft, which is likely to slow deliveries and burn cash.

In 2017, the 101 jetliners delivered came near the top of Embraer’s target range of 97 to 102 E-Jets. The company’s 109 executive jets delivered in 2017 came near the bottom of a target range of 105 to 125 Phenom, Legacy and Lineage aircraft.

Embraer shares edged up 0.3 percent in early trading on the Sao Paulo stock exchange.

The planemaker’s backlog of firm orders, a gauge of future revenue, slipped 2.7 pct to $18.3 billion in December from $18.8 billion in September. (Reporting by Tatiana Bautzer; Editing by Brad Haynes and Chizu Nomiyama)

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