Embraer Releases Third Quarter 2009 Results in US GAAP
October 30 2009 - 9:03AM
PR Newswire (US)
SAO JOSE DOS CAMPOS, Brazil, Oct. 30 /PRNewswire-FirstCall/ --
Embraer (BM&FBOVESPA: EMBR3; NYSE: ERJ), the world's leading
manufacturer of commercial jets with up to 120 seats, recorded net
sales of US$ 1,246.0 million in the third quarter of 2009 (3Q09),
and net income of US$ 57.7 million, equivalent to basic and diluted
earnings per ADS of US$ 0.3188. In 3Q09, Embraer delivered 57 jets
to the commercial aviation, executive aviation and defense
segments, compared to 48 jet deliveries in the third quarter of
2008 (3Q08). The Company's firm order backlog on September 30,
2009, totaled US$ 18.6 billion. Despite a higher number of
deliveries, net revenues for 3Q09 totaled US$ 1,246.0 million, or a
19.4% decrease from the US$ 1,546.0 million in net revenues of
3Q08, basically due to 3Q09 product mix, that included 22 Phenom
100 jets delivered. The gross margin for 3Q09 totaled 18.8% or a
decrease over the 21.7% gross margin of 3Q08, mainly due to the
product mix, and the reduction in revenues which caused a lower
dilution of fixed costs. Income from operations totaled US$ 68.0
million in 3Q09, a 32.3% decrease compared to US$ 100.5 million
recorded for the same period of last year. The decrease is due to a
lower gross profit in the quarter. The operating margin was 5.5% in
3Q09, or a decrease over the 6.5% operating margin for 3Q08. On an
accumulated basis, the operating margin of 2009 is 7.0%, higher
than 5.8% margin accumulated in 2008. After a US$ 13.0 million
income tax benefit, net income attributable to Embraer was US$ 57.7
million in 3Q09, a stable figure compared to the same number in
3Q08. The net margin was 4.6% in 3Q09 better than the 3.7% in 3Q08.
The Company's operating and financial information is presented,
except where otherwise stated, on a consolidated basis in United
States dollars (US$) in accordance with US GAAP. The financial data
presented in this document as of and for the quarters ended
September 30, 2008, June 30, 2009 and September 30, 2009, are
derived from the unaudited financial statements, except where
otherwise stated. In order to better understand the Company's
operating performance, additional information is also presented at
this release, in accordance with Brazilian Corporate Law
("Brazilian GAAP"). Investor Relations Andre Gaia Caio Pinez
Juliana Villarinho Paulo Ferreira +011-55-12-3927-4404 DATASOURCE:
Embraer CONTACT: Andre Gaia, Caio Pinez, Juliana Villarinho, or
Paulo Ferreira, all of Embraer Investor Relations,
+011-55-12-3927-4404 Web site: http://www.embraer.com.br/
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