Brazilian manufacturer Embraer has reported that its revenue reached $929m in the third quarter (Q3) of 2022, down 3% year-on-year (YoY) compared with the same period in Q3 2021.

The decrease has been mostly driven by lower revenue in the Defence and Security segment, and partially offset by high revenues in other business segments.

The Defence and Security segment reported a revenue drop of 42% to $101.7m in the quarter. The fall has been attributed to the impact of a lesser percentage of completion revenue recognition from the A29 Super Tucano light attack aircraft programme.

In September this year, the company announced that its OGMA subsidiary in Portugal was selected to perform future modifications on the A-29 aircraft for several customers in the region.

During the quarter that ended on 30 September 2022, the quarterly revenues for both commercial and executive aviation, as well as the services and support segments, grew by 5%, 6%, and 7%, respectively. 

The company reported a consolidated gross margin of 19.1% in Q3 2022. Adjusted earnings before interest and taxes (EBIT) was $50m, and the adjusted EBIT margin was 5.4%.

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Net income (loss) attributable to Embraer shareholders and earnings per ADS for Q3 were $30.2m and $0.16, respectively.

Embraer decreased its net debt position and finished the quarter with $1.3bn. The company’s firm order backlog reached $17.8bn in Q3, one of the highest since the start of the pandemic.

The company has maintained its financial and deliveries guidance for 2022 and increased free cash flow to $150m or better.