UPDATE 1-Embraer profit misses estimates on defense, business jet writedowns

(Adds details of writedowns, missed full-year targets)

SAO PAULO, March 8 (Reuters) - Brazilian planemaker Embraer SA booked an 82 percent drop in quarterly profit on Thursday, missing analysts' estimates and its own annual profit targets amid weaker commercial jet deliveries and writedowns on defense programs and executive jets.

Net income of $35 million in the quarter missed an average forecast of $137 million of analysts surveyed by Thomson Reuters.

Full-year earnings before interest, taxes, depreciation and amortization (EBITDA) totaled $645 million, well short of an annual target of at least $770 million. Including depreciation and amortization (EBIT), operating profit of $329 million also missed a minimum target of $450 million.

Even adjusted for one-time effects such as the writedowns $54 million for executive jets and $9 million in defense during the quarter EBIT and EBITDA missed 2017 targets that Embraer had reaffirmed in October.

The company narrowed its 2018 revenue outlook by $200 million to between $5.4 billion and $5.9 billion, compared to $5.84 billion last year. Embraer also lowered its estimate for maximum cash burn this year, or negative free cash flow, to $100 million from a prior forecast of $150 million, citing more certainty about estimates. (Reporting by Brad Haynes; Editing by Bernadette Baum)