Brazilian major aerospace group Embraer, the world’s number one manufacturer of commercial jets with up to 150 seats, and the world’s number three commercial jet manufacturer, after Airbus and Boeing (in alphabetical order), has reported a net loss attributable to its shareholders of $292-million and an adjusted net loss (which omitted special items and deferred taxes and social contributions) of $104-million, for the first quarter of this year (1Q20). Embraer’s financial year is the same as the calendar year. The company’s free cash flow was negative $676.5-million in 1Q20, in comparison to negative $665.3-million during the same period last year (1Q19). But Embraer’s free cash flow during the first quarter was usually negative, “due to seasonal working capital consumption” (in the words of the company’s media release). In sharp contrast, its free cash flow during the last quarter of last year was positive $739.4-million.
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