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Embraer S.A. (ERJ - Analyst Report) has delivered a total of 29 jets in the first quarter of 2013 ending Mar 31, 2013, which fell short of the 34 deliveries made in the same period last year.

Of the total, 17 jets were delivered to the commercial aviation market including 8 of E-190, 6 E-195, 2 E-175 and 1 E-170, while the remaining 12 jets were delivered to executive aviation inclusive of 8 Light and 4 Large jets.

Embraer − the largest among Brazil’s aircraft manufacturers − had an order backlog of approximately $13.3 billion at the end of the quarter, which represented an $800 million increase from the year-end 2012 level. In terms of aircraft breakdown, this includes 97 E-190, 80 E-175, 25 E-195 and 9 E-170 jets.

The first quarter backlog includes the contract from Republic Airways Holdings Inc. for deliveries of 47 E175 jets. It also includes an order from Embraer Defense and Security for the supply of 20 A-29 Super Tucano aircraft.

Embraer S.A. primarily develops, produces and sells jet and turboprop aircrafts for civil and defense aviation markets in Brazil, North America, Latin America, the Asia Pacific and Europe.

The company has sold regional and mid-capacity jets to more than 80 customers on every continent of the world. Its customers include some of the largest and most significant regional and low-cost airlines and commercial carriers the world over.

Again, Embraer has a series of contracts and tie-ups with companies for its jets. The continuous demand for E-Jets demonstrates the confidence of its customers in Embraer and of satisfaction with the product.

The current Zacks Consensus Estimate for the first quarter of 2013 is 48 cents, reflecting a year-over-year increase of 34.2%. Estimates for 2013 and 2014 are $2.73 and $3.10, reflecting annual growth of 41.4% and 13.7%, respectively.

The company presently retains a short-term Zacks Rank #3 (Hold). We would advise investors to accumulate its short-term Zacks Rank #2 (Buy) peer Wesco Aircraft Holdings, Inc. (WAIR - Snapshot Report). Other stocks with a Zacks Rank #2 (Buy) include FLIR Systems, Inc. (FLIR - Analyst Report) and Triumph Group, Inc. (TGI - Analyst Report).

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