Embraer SA ERJ incurred fourth-quarter 2020 adjusted loss of 7 cents per American Depository Share (ADS), which came in much narrower than the Zacks Consensus Estimate of a loss of 28 cents. The bottom-line figure also improved from the year-ago quarter’s adjusted loss of 51 cents.Including one-time items, the company incurred a GAAP loss of 2 cents per share compared with a loss of $1.14 in the year-ago quarter.For 2020, the company reported adjusted loss of $2.52 per share, reflecting deterioration from loss of $1.18 at 2019-end.EmbraerEmpresa Brasileira de Aeronautica Price, Consensus and EPS Surprise EmbraerEmpresa Brasileira de Aeronautica price-consensus-eps-surprise-chart | EmbraerEmpresa Brasileira de Aeronautica Quote RevenuesEmbraer’s fourth-quarter revenues came in at $1,841.4 million, down 11.7% year over year. The decline was due to lower revenues in each of the company’s segments, except for Defense & Security.For 2020, the company generated revenues worth $3,771.1 million, which declined 31% from 2019. The deterioration in full-year revenues can be attributed to pandemic-driven declines in commercial and executive jet deliveries as well as lower services & support activity stemming from reduced commercial and executive aircraft traffic in 2020.Order and DeliveryEmbraer delivered a total of 71 jets in the reported quarter, down 12.3% year over year. The company delivered 28 commercial and 43 executive (23 light and 20 large) jets during the third quarter compared with 35 commercial and 46 executive (20 light and 26 large) jets in fourth-quarter 2019.Embraer’s backlog at the end of the fourth quarter was $14.4 billion, down from $15.1 billion sequentially as well as from $16.8 billion a year ago.Operational HighlightsIn the fourth quarter, the company’s cost of sales and services totaled $1,619 million, down from $1,806.4 million in the prior-year quarter.However, Embraer’s gross profit slumped 20.2% year over year to $222.4 million.Segment ResultSegment-wise, revenues in the Commercial Aviation segment were $689.4 million, which declined 24.7% on a year-over-year basis due to lower deliveries in the current quarter.Revenues at the Executive Jets segment were $580 million, down 6.4% year over year.Revenues at the Defense & Security segment were $311.1 million, up 68.1% from the figure reported in the fourth quarter of 2019, led by growth in revenues related to Super Tucano deliveries.Revenues at the Services & Support segment were $253.5 million, which plunged 29.6% year over year.Financial UpdateAs of Dec 31, 2020, the company’s cash and cash equivalents amounted to $1,883.1 million compared with $2,307.7 million as of Dec 31, 2019.Embraer had net debt of $1,695.7 million as of Dec 31, 2020, up from $612.4 million as of Dec 31, 2019.Adjusted net cash used in operating activities was $1,290.2 million at the end of 2020 against net cash generated worth $893.8 million at the end of 2019.GuidanceDue to the uncertainty related to COVID-19 and its impact on the industry, Embraer has decided to not publish 2021 financial and delivery guidance at this point.Zacks RankEmbraer currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Other Defense ReleasesLockheed Martin Corp. LMT reported fourth-quarter 2020 earnings from continuing operations of $6.38 per share, in line with the Zacks Consensus Estimate.Hexcel Corporation HXL reported fourth-quarter 2020 loss of 18 cents per share, in line with the Zacks Consensus Estimate.General Dynamics Corporation GD reported fourth-quarter 2020 earnings from continuing operations of $3.49 per share, which missed the Zacks Consensus Estimate of $3.55 by 1.7%.Zacks Top 10 Stocks for 2021In addition to the stocks discussed above, would you like to know about our 10 best buy-and-hold tickers for the entirety of 2021?Last year's 2020 Zacks Top 10 Stocks portfolio returned gains as high as +386.8%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.Access Zacks Top 10 Stocks for 2021 today >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report EmbraerEmpresa Brasileira de Aeronautica (ERJ): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research