Embraer Releases Third Quarter 2016 Results
Monday, October 31, 2016 5:00:00 AM ET
EMBRAER S.A. (ERJ ) releases its third quarter 2016 results.
-- During 3Q16, Embraer delivered 29 commercial jets and 25 executive jets (13 light and 12 large);
-- The Companys firm order backlog ended the quarter at US$ 21.4 billion versus US$ 21.9 billion in 2Q16;
-- Revenues in 3Q16 grew 17.9% on a year-over-year basis to US$ 1,514.3 million, driven by higher revenues in the Commercial Aviation and Defense & Security segments;
-- Consolidated gross margin in 3Q16 was 18.8%, an increase from the 17.5% registered in 3Q15;
-- In 3Q16, the Company booked in Other operating income (expense), net an additional US$ 5.5 million loss contingency related to finalization of negotiations related to the U.S. Foreign Corrupt Practices Act (FCPA), and a US$ 118.1 million provision related to costs for the first round of voluntary dismissal;
-- Adjusted EBIT and Adjusted EBIT margin in 3Q16, excluding the impacts of the loss contingency and provision listed above, were US$ 94.7 million and 6.3%, respectively. Adjusted EBITDA and Adjusted EBITDA margin in the quarter, excluding these impacts, were US$ 187.3 million and 12.4%, respectively;
-- 3Q16 Net loss attributable to Embraer Shareholders and Loss per basic ADS totaled US$ (33.7) million and US$ (0.1848), respectively;
-- 3Q16 Adjusted Net Income, which excludes non-cash deferred income taxes and social contribution largely related to foreign exchange variation on non-monetary assets, as well as the aforementioned non-recurring items, was US$ 79.1 million. Adjusted earnings per basic ADS totaled US$ 0.4337 in 3Q16;
-- Embraer announced on October 24, 2016 the terms of the agreements for the resolution of investigations with the U.S. and Brazilian authorities. As part of the settlement, the Company agreed to pay US$ 205.5 million to these authorities. The settlement further provides that as long as the terms of the agreements are fully honored, no charges will be brought against the Company.
-- The Company reiterates all formal aspects of its deliveries and financial Guidance for 2016.
MAIN FINANCIAL INDICATORS
in millions of U.S dollars, except % and earnings per share data
2Q16 3Q15 3Q16 YTD16
Revenue 1.366,4 1.284,6 1.514,3 4.189,7
EBIT (127,4) 84,4 (28,9) (70,6)
EBIT Margin % -9,3% 6,6% -1,9% -1,7%
Adjusted EBIT 72,6 84,4 94,7 253,0
Adjusted EBIT Margin 5,3% 6,6% 6,3% 6,0%
EBITDA (47,7) 158,0 63,7 183,6
EBITDA Margin % -3,5% 12,3% 4,2% 4,4%
Adjusted EBTIDA 152,3 158,0 187,3 507,2
Adjusted EBTIDA Margin 11,1% 12,3% 12,4% 12,1%
Adjusted Net Income 44,1 71,5 79,1 121,5
Net loss attributable to Embraer Shareholders (99,4) (109,6) (33,7) (29,2)
Losses per share - ADS basic (US$) (0,5448) (0,6013) (0,1848) (0,1601)
Net Debt (613,3) (643,9) (652,7) (652,7)
Derived from unaudited financial information.
For additional information, please check the full document in our website: http://ri.embraer.com.br
Follow Embraers IR Department on twitter: @IREmbraer
CONFERENCE CALL INFORMATION
Embraer will host a conference call to present its 3Q16 Results on Monday, October 31, 2016 at 10:30AM (NY). The conference call will also be broadcast live over the web at http://ri.embraer.com.br
Telephones:Operator Assisted (US/ Canada) Toll-Free Dial-In Number: (877) 846-1574Operator Assisted International Dial-In Number: (708) 290-0687Code: 81292835
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SOURCE Embraer S.A.