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Embraer (NYSE: ERJ) -6.3% in Tuesday’s trade, falling at a time to within ear of a low of 52 weeks after the Brazilian air force said it would reduce its order to the company’s KC-390 military transport aircraft for 15 units from 22, citing budget unpredictability.
The original order, signed in 2014, included a total of 28 KC-390 aircraft, but Embraer (ERJ) reached an agreement with the Brazilian Air Force in February 2022 to reduce the order to 22 aircraft.
Last month, Embraer (ERJ) reported a larger-than-expected Q1 GAAP loss and a 25% Y / Y drop in revenue to $ 601M.
