Embraer Releases Second Quarter 2017 Results
Friday, July 28, 2017 6:00:00 AM ET
-- In 2Q17, Embraer delivered 35 commercial and 24 executive (16 light and 8 large) jets, compared to the 26 commercial and 26 executive (23 light and 3 large) jet deliveries in 2Q16;
-- The Companys firm order backlog ended the quarter at US$ 18.5 billion;
-- Revenues in 2Q17 increased 29.5% year-over-year to US$ 1,769.6 million, with significant growth across all three segments;
-- Adjusted EBIT and Adjusted EBITDA margins were 9.3% and 13.9%, respectively, in 2Q17, representing margin expansion compared to both the 2Q16 and 1Q17 consolidated results. Adjusted EBIT and Adjusted EBITDA exclude US$ 9.4 million in net non-recurring gains in 2Q17 and US$ 200.0 million in non-recurring charges in 2Q16. Adjusted EBIT and Adjusted EBITDA in the quarter were US$ 164.6 million and US$ 245.4 million, respectively;
-- In the first half of 2017, Adjusted EBIT and Adjusted EBITDA margins were 7.0% and 12.5%, respectively. Accumulated Adjusted EBIT and EBITDA over the first six months of the year were US$ 195.6 million and US$ 348.8 million;
-- 2Q17 Net income attributable to Embraer shareholders and Earnings per ADS were US$ 59.1 million and US$ 0.32, respectively. Adjusted Net income (excluding the impact of FX-related non-cash deferred income tax and social contribution and non-recurring items) for the quarter was US$ 123.0 million, representing Adjusted Earnings per ADS of US$ 0.67 per basic share in 2Q17;
-- Embraer generated US$ 220.0 million of Adjusted Free cash flow during 2Q17, and over the first six months of 2017 Adjusted Free cash flow was US$ 20.7 million. The Companys net debt position improved to US$ 661.5 million at the end of 2Q17 from US$ 805.8 million at the end of 1Q17;
-- Embraer reiterates all aspects of its financial and delivery outlook for 2017.
Main financial indicators
in millions of U.S dollars, except % and earnings per share data
1Q17 2Q16 2Q17 YTD17
Revenue 1,026.3 1,366.4 1,769.6 2,795.9
EBIT 23.4 (127.4) 174.0 197.4
EBIT Margin % 2.3% -9.3% 9.8% 7.1%
Adjusted EBIT 31.0 72.6 164.6 195.6
Adjusted EBIT Margin % 3.0% 5.3% 9.3% 7.0%
EBITDA 95.8 (56.2) 254.8 350.6
EBITDA Margin % 9.3% -4.1% 14.4% 12.5%
Adjusted EBTIDA 103.4 143.8 245.4 348.8
Adjusted EBTIDA Margin % 10.1% 10.5% 13.9% 12.5%
Adjusted Net Income 2 23.2 44.1 123.0 146.2
Adjusted earnings per share - ADS basic 0.1263 0.2417 0.6688 0.7951
Net income (loss) attributable to Embraer Shareholders 42.5 (99.4) 59.1 101.6
Earnings (losses) per share - ADS basic (US$) 0.2312 (0.5448) 0.3214 0.1382
Net debt (805.8) (613.3) (661.5) (661.5)
For more information, please visit ri.embraer.com.br
Investor RelationsEduardo Couto, Chris Thornsberry, Caio Pinez, N?dia Santos, Paulo Ferreira and Viviane Pinheiro. (+55 12) 3927- firstname.lastname@example.org://ri.embraer.com.br
Follow Embraers IR Department on twitter: @IREmbraer
CONFERENCE CALL INFORMATION
Embraer will host a conference call to present its 2Q17 Results on Friday, July 28, 2017 at 10:30AM (EDT). The conference call will also be broadcast live over the web at http://ri.embraer.com.br
Telephone numbers:Operator Assisted (US/ Canada) Toll-Free Dial-In Number: (877) 846-1574Operator Assisted International Dial-In Number: (708) 290-0687Your own International Toll-Free number for Brazil: 0800 047 4803 (land line) and 0800 047 4801 (cell phone)
Embraer is a global company headquartered in Brazil with businesses in commercial and executive aviation, defense & security. The company designs, develops, manufactures and markets aircraft and systems, providing customer support and services.
Since it was founded in 1969, Embraer has delivered more than 8,000 aircraft. About every 10 seconds an aircraft manufactured by Embraer takes off somewhere in the world, transporting over 145 million passengers a year.
Embraer is the leading manufacturer of commercial jets up to 130 seats. The company maintains industrial units, offices, service and parts distribution centers, among other activities, across the Americas, Africa, Asia and Europe.
For more information, please visit www.embraer.com.br
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SOURCE Embraer-Empresa Brasileira de Aeronautica S.A.