Embraer -2% as backlog hits five-year low

|About: Embraer S.A. (ERJ)|By:, SA News Editor

Embraer (ERJ -2.5%) reports the backlog for its planes fell to $13.6B at the end of Q3 from $17.4B at the close of Q2 and $18.8B, hitting its lowest level in more than five years.

ERJ says deliveries of commercial planes also fell sharply to 15 commercial aircraft vs. 25 at the end of Q3 2017, although deliveries of private jets rose to 24 aircraft from 20 a year ago.

ERJ says the backlog fell mostly due to the removal of two orders: JetBlue canceled an order of 24 planes after announcing in July that it would use Airbus jets to replace its aging Embraer fleet, and a 100-plane order from Skywest was dropped due to uncertainty about whether pilots would agree to fly its E175-E2 for U.S. regional carriers.

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