SÃO PAULO, Nov. 12, 2019
/PRNewswire/ -- EMBRAER S.A. (NYSE: ERJ; B3: EMBR3) releases
its Third Quarter 2019 Earnings Results.
HIGHLIGHTS
- In 3Q19, Embraer delivered 17 commercial and 27 executive (15
light and 12 large) jets, compared to 15 commercial jets and 24
executive (17 light and 7 large) jets in 3Q18;
- The Company's firm order backlog at the end of 3Q19 was
US$ 16.2 billion;
- EBIT and EBITDA in 3Q19 were US$ (20.8)
million and US$ 18.2 million,
respectively, yielding EBIT margin of -1.8% and EBITDA margin of
1.5%. The quarterly results were impacted by separation costs of
US$ 34.8 million related to the carve
out of Embraer's Commercial Aviation business. In the first nine
months of 2019 the Company's EBIT was US$
(9.3) million (EBIT margin of -0.3%) and EBITDA was
US$ 116.2 million (EBITDA margin of
3.4%). In the same period separation costs represented US$ 66.6 million;
- 3Q19 Net loss attributable to Embraer shareholders and Loss per
ADS were US$ (77.2) million and
US$ (0.42), respectively. Adjusted
net loss (excluding deferred income tax and social contribution)
for 3Q19 was US$ (48.4) million, with
Adjusted loss per ADS of US$ (0.26).
Embraer reported adjusted net loss in 3Q18 of US$ (16.5) million, for an adjusted loss per ADS
of US$ (0.09) in the quarter;
- Embraer reported 3Q19 Free cash flow of US$ (257.4) million, versus free cash flow of
US$ (162.6) million reported in
3Q18;
- Embraer updates its 2019 and 2020 guidance. For 2019, Embraer
reaffirms deliveries of 85 – 95 commercial jets, 90 – 110 executive
jets, two KC-390 aircraft, and now expects five Super Tucano
deliveries. The Company reaffirms guidance for 2019 revenues of
US$ 5.3 – US$
5.7 billion and breakeven EBIT margin, while removing the
estimates related to the consummation of the strategic partnership
with Boeing by the end of the year. Embraer also introduces 2019
Free Cash Flow guidance for a use of US$
(300) – US$ (100) million for
the year;
- For 2020, Embraer reaffirms revenues of US$ 2.5 – US$ 2.8
billion, EBIT margin of 2 – 5%, and breakeven Free Cash
Flow, and now expects a special dividend of between US$ 1.3 billion and US$
1.6 billion to be paid in 2020.
MAIN FINANCIAL INDICATORS
|
in millions of U.S
dollars, except % and earnings per share data
|
|
2Q19
|
3Q18
|
3Q19
|
YTD19
|
|
Revenue
|
1,378.7
|
1,159.3
|
1,175.6
|
3,377.6
|
|
EBIT
|
26.6
|
54.3
|
(20.8)
|
(9.3)
|
|
EBIT margin
%
|
1.9%
|
4.7%
|
-1.8%
|
-0.3%
|
|
Adjusted
EBIT
|
26.6
|
54.3
|
(20.8)
|
(9.3)
|
|
Adjusted EBIT margin
%
|
1.9%
|
4.7%
|
-1.8%
|
-0.3%
|
|
EBITDA
|
67.0
|
113.7
|
18.2
|
116.2
|
|
EBITDA margin
%
|
4.9%
|
9.8%
|
1.5%
|
3.4%
|
|
Adjusted
EBITDA
|
67.0
|
113.7
|
18.2
|
116.2
|
|
Adjusted EBITDA
margin %
|
4.9%
|
9.8%
|
1.5%
|
3.4%
|
|
Adjusted net income
(Loss)
|
(13.9)
|
(16.5)
|
(48.4)
|
(124.0)
|
|
Adjusted earnings
(losses) per share - ADS basic
|
(0.0756)
|
(0.0899)
|
(0.2631)
|
(0.6741)
|
|
Net income (loss)
attributable to Embraer Shareholders
|
7.2
|
(12.5)
|
(77.2)
|
(112.4)
|
|
Earnings (losses) per
share - ADS basic (US$)
|
0.0391
|
(0.0681)
|
(0.4197)
|
(0.6110)
|
|
Adjusted free cash
flow
|
1.5
|
(162.6)
|
(257.4)
|
(921.3)
|
|
Net debt
|
(1,090.3)
|
(884.8)
|
(1,347.2)
|
(1,347.2)
|
For additional information, please check the full document on
our website ri.embraer.com.br
CONFERENCE CALL INFORMATION
Embraer will host a
conference call to present its 3Q19 Results on Tuesday, November 12, 2019 at 10:30 AM (SP) / 8:30
AM (NY). The conference call will also be broadcast live
over the web at ri.embraer.com.br
Conference ID: EMBRAER
Telephones USA / Canada: (Toll-free) +1 (646) 291-8936 /
(Dial-in) +1 (646) 828-8246
Telephones U.K.: (Toll-free) 0-808-111-0152 / (Dial-in) +44 20
7442-5660
Telephones Brazil: +55 (11)
3193-1080 / +55 (11) 2820-4080
INVESTOR RELATIONS
Eduardo
Couto, Chris Thornsberry,
Caio Pinez, Nádia Santos, and Viviane
Pinheiro.
(+55 12) 3927
1000
investor.relations@embraer.com.br
ri.embraer.com.br
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SOURCE Embraer S.A.