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Embraer Releases Third Quarter 2008

Embraer Releases Third Quarter 2008

Embraer (BOVESPA: EMBR3; NYSE: ERJ), the world’s leading manufacturer of commercial jets with up to 120 seats, recorded third quarter 2008 (3Q08) net sales of US $ 1,546.0 million and net income of US $ 57.7 million, equivalent to diluted earnings per ADS of US $ 0.3190.

By the end of September 2008, the volatility of the Brazilian currency directly impacted Embraer’s net results. The Company’s policy to mitigate its exposure to currency variations is based on the balance between assets and liabilities indexed in foreign currency and on the daily management of its currency trading, since most of its revenues are denominated in dollars and possibly could act as a natural hedge for the Company. The trend of appreciation of the U.S.dollar against the real might cause losses in the Company’s derivative instruments, but those losses tend to be compensated with an increase in operating revenues, since part of Embraer’s costs are denominated in reais.

Embraer holds derivative positions, mostly Non-Deliverable Forward (“NDF”), to hedge its exposure to the Brazilian currency. Those instruments do not have any speculative component and serve exclusively to protect the Company’s operations against a potential loss arising from adverse changes in currency exchange rates.

The full version of the third quarter results read at Embraer

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