Embraer S/A /zigman2/quotes/201881360/composite ERJ -2.66% /zigman2/quotes/201576050/delayed BR:EMBR3 -2.33% reported Friday a surprise second-quarter profit as revenue rose more than expected, as deliveries of commercial and executive jets increased from the previous quarter. The Brazil-based aerospace company swung to net income of $87.9 million, or 47.9 cents a share, from a loss of $89.7 million, or 48.8 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to 23.7 cents, compared with the FactSet consensus for a per-share loss of 25 cents. Revenue grew 40.0% to $1.13 billion, above the FactSet consensus of $1.00 billion. The company delivered 14 commercial jets and 20 executive jets during the quarter, after delivering 9 commercial and 13 executive jets in the first quarter. For 2021, Embraer expects revenue of $4.0 billion to $4.5 billion, surrounding the FactSet consensus of $4.38 billion, and expects deliveries of 45 to 50 commercial jets and 90 to 95 executive jets. Embraer's U.S.-listed shares, which were still inactive in premarket trading, have soared 115.6% year to date, while shares of U.S.-based rival Boeing Co. /zigman2/quotes/208579720/composite BA -4.09% have gained 11.3% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.89% has advanced 18.8%.
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