Embraer Inks Largest-Ever Private Jet Order, Shares Soar To 1995 Highs
Embraer to supply 182 aircraft, with an option for 30 additional units, to Flexjet
(ZH)
Brazilian planemaker Embraer has signed its largest-ever deal with Flexjet, the second-largest operator of commercial private jets, to supply 182 aircraft with an option for 30 additional units. The new fleet will include Praetor 600, Praetor 500, and Phenom 300E models.
“This is the largest order placed by Flexjet in its 30-year history and is also the largest firm order for Embraer’s executive aircraft,” Embraer wrote in a statement. Flexjet operates within the fractional jet ownership segment.
Embraer shares on the Ibovespa stock index jumped 10%, with 7x trading volume compared with the 20-day average. Shares have hit the highest on record dating back to the mid-1990s.
“We see the announcement as positive, not only because it reinforces its solid operational momentum in Executive Aviation, but also because it corroborates the long-term delivery outlook following Embraer’s current capacity expansion,” XP Inc. analyst Lucas Laghi told clients.
Embraer Executive Jets’ CEO Michael Amalfitano wrote: “We are very pleased with Flexjet’s renewed commitment to Embraer through this comprehensive purchase agreement, which further strengthens our more than 20-year strategic partnership.”
Embraer has outperformed Boeing and Airbus shares in the last year.
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(SOURCE)
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Source: TLB
