Although deliveries were up year-over-year, Embraer reported a 6.6% decline in net income to $96.5 million for the first quarter ended March 31 from net income of $103.3 million in the year-ago period. Net sales rose 21.9% to $763.3 million but operating expenses climbed sharply on a steep increase in research and development costs. As a result, income from operations totaled $124.5 million, an 18.6% decline from $153 million in the 2004 quarter. The company delivered a total of 30 aircraft ...

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