Brazil Embraer Expects 60 Deliveries Of Jet 170 In 2004 - Dow Jones Newswires - 19/2/2004
SAO PAULO -- The world's fourth-largest commercial jetmaker Thursday said it expects to start delivering its Embraer 170 jets in the first week of March.
Empresa Brasileira de Aeronautica SA
(ERJ), or Embraer , said it plans to deliver 60 jets this year, which is in line with market forecasts and is key to helping the Brazilian giant meet its year-end sales target of 160 planes.
However, the company said it won't have full certification for its 70-to 78-seater jet until next week. Embraer had indicated it would come Friday, but the company only has full regulatory approval from Brazil. Full certification from the U.S. and Europe will come shortly, the company added.
By 1345 GMT, Embraer's preferred stock was 1.6% lower while the main Sao Paulo share index was 2.5% down.
The Embraer 170 jet stands to become the first of a new family of regional planes to gain full regulatory approval. The company plans to roll out its larger Embraer 175, Embraer 190 and Embraer 195 planes during the next three years.
These planes are bigger than the current jets in Embraer's shop of wares and cost nearly $1 billion to develop. They're expected to help the Brazilian company better compete against its larger rivals Bombardier (BBD.B.T), Boeing (BA) and Airbus (SA
Embraer expects full regulatory approval for its Embraer 175, Embraer 190 and Embraer 195 jets in the fourth quarter of 2004, third quarter of 2005 and the second quarter of 2006, respectively.
On March 2nd Embraer will deliver first 2 aircrafts to USAirways an first for LOT Polish. The first for Alitalia will follow few days later.