Embraer delivered 91 business jets in 2018, a more than 16 percent drop from the 109 it handed over to customers in the prior year. In addition, 2018 results fell short by at least 10 percent of its forecast. Embraer had previously estimated shipments of between 105 and 125 business jets for 2018. As a result, its Executive Jets group revenues, which had been forecast at between $1.35 billion and $1.5 billion for 2018, are now estimated to be $1.1 billion.

However, the company said it would meet its delivery estimate of between 85 and 95 commercial aircraft, a product line that will transition into a joint venture with The Boeing Company.

Embraer pointed to a number of factors that led to “a more cautious approach” toward its 2018 business jet deliveries. While global conditions were improving, they “continue to recover more slowly than expected,” the Brazilian manufacturer said. In addition, the company said it kept its focus on improved profitability and price preservation. Embraer further is in the midst of bringing its new Praetor 500 and 600 midsize/super-midsize jets to market this year, an effort that also played a role in the results.

For 2019, Embraer projects 90 to 110 business jet deliveries. Its commercial delivery estimates match those for 2018.