UPDATE 1-Brazil's Embraer posts surprise net loss on higher taxes
* Currency swing helps in long term, but boosts tax bill
* EBITDA falls more than expected due to sluggish output
SAO PAULO, July 25 (Reuters) - Brazilian planemaker Embraer SA posted an unexpected quarterly loss on Thursday, as a stronger dollar helped its operating profit but drove up its tax bill.
The world's third-largest commercial planemaker said it had a net loss of $5.3 million in the second quarter compared with a profit of $55 million a year earlier.
The result missed an average estimate of an $88 million profit in a Reuters survey of seven analysts, many of whom did not take into account the tax impact of a recent currency swing.
A stronger dollar improves the profitability of Embraer's operations in the long run, but has an immediate impact on its tax liabilities, which came to $97.1 million in the quarter.
Brazil's currency, the real, depreciated nearly 10 percent in the second quarter, easing the burden of local wages that make up nearly a quarter of Embraer's production costs. About 85 percent of revenue comes in U.S. dollars.
The more favorable exchange rate should help Embraer weather a stretch of sluggish commercial jet deliveries this year. The planemaker committed to a more modest 2013 production schedule due to weak demand last year, before orders from U.S. regional carriers replenished its order book in recent months.
Softer regional jet deliveries dragged revenue 9 percent lower in the second quarter, weighing on profits.
Earnings before interest, taxes, depreciation and amortization, a gauge of operating profit known as EBITDA, fell 23 percent from a year earlier to $204 million, below an average estimate of $220 million.