SÃO PAULO, March 19, 2021
/PRNewswire/ -- EMBRAER S.A. (NYSE: ERJ; B3: EMBR3) releases its
Fourth Quarter 2020 and Fiscal Year 2020 Earnings Results.
HIGHLIGHTS
- Embraer delivered 28 commercial jets and 43 executive jets (23
light / 20 large) in 4Q20, and in 2020 delivered 44 commercial jets
and 86 executive jets (56 light / 30 large). Total company firm
order backlog at the end of 2020 was US$
14.4 billion;
- Revenues in 4Q20 reached US$ 1,841.4
million and for fiscal year 2020 were US$ 3,771.1 million, representing year-over-year
declines of 11.7% and 31.0%, respectively, versus their prior year
periods;
- Excluding special items, adjusted EBIT and EBITDA were
US$ 76.6 million and US$ 145.6 million, respectively, yielding
adjusted EBIT margin of 4.2% and adjusted EBITDA margin of 7.9%.
For fiscal year 2020, adjusted EBIT was US$
(100.5) million (-2.7% margin) and adjusted EBITDA was
US$ 82.1 million (2.2% margin), with
the negative EBIT mostly driven by weakness in the Company's
Commercial Aviation segment within the context of the Covid-19
pandemic;
- Adjusted net loss (excluding special items and deferred income
tax and social contribution) in 4Q20 was US$
(12.5) million, with adjusted loss per ADS of US$ (0.07), while adjusted net loss for 2020 was
US$ (463.7) million, with adjusted
loss per ADS for the period of US$
(2.52);
- Embraer reported a significant improvement in Free cash flow in
4Q20, reporting cash generation of US$ 725.1
million in the period, leading to full year free cash flow
usage of US$ (990.2) million in
2020;
- The Company finished the year with total cash of US$ 2.8 billion, steady versus the US$ 2.8 billion in cash at the end of 2019.
Embraer's net debt position at the end of 2020 was US$ 1,695.7 million;
- Due to continued uncertainty related to the COVID-19 pandemic
and its impacts on the industry, the Company has decided to not
publish 2021 financial and delivery guidance at this point.
MAIN FINANCIAL INDICATORS
in millions of U.S
dollars, except % and earnings per share data
|
|
3Q20
|
4Q19
|
4Q20
|
2019
|
2020
|
Revenue
|
758.7
|
2,085.0
|
1,841.4
|
5,462.6
|
3,771.1
|
EBIT
|
(37.7)
|
(67.6)
|
103.6
|
(77.0)
|
(323.4)
|
EBIT margin
%
|
-5.0%
|
-3.2%
|
5.6%
|
-1.4%
|
-8.6%
|
Adjusted
EBIT
|
(45.3)
|
4.0
|
76.6
|
(5.4)
|
(100.5)
|
Adjusted EBIT margin
%
|
-6.0%
|
0.2%
|
4.2%
|
-0.1%
|
-2.7%
|
EBITDA
|
(0.6)
|
(5.8)
|
172.6
|
110.3
|
(39.6)
|
EBITDA margin
%
|
-0.1%
|
-0.3%
|
9.4%
|
2.0%
|
-1.1%
|
Adjusted
EBITDA
|
(8.2)
|
65.8
|
145.6
|
181.9
|
82.1
|
Adjusted EBITDA
margin %
|
-1.1%
|
3.2%
|
7.9%
|
3.3%
|
2.2%
|
Adjusted net income
(Loss)
|
(148.3)
|
(93.4)
|
(12.5)
|
(217.5)
|
(463.7)
|
Adjusted earnings
(losses) per share - ADS basic
|
(0.8058)
|
(0.5077)
|
(0.0679)
|
(1.1822)
|
(2.5194)
|
Net income (loss)
attributable to Embraer Shareholders
|
(121.2)
|
(209.8)
|
(3.3)
|
(322.3)
|
(731.9)
|
Earnings (losses) per
share - ADS basic (US$)
|
(0.6585)
|
(1.1404)
|
(0.0179)
|
(1.7519)
|
(3.9766)
|
Adjusted free cash
flow
|
(566.5)
|
739.4
|
725.1
|
(181.8)
|
(990.2)
|
Net debt
|
(2,365.1)
|
(612.4)
|
(1,695.7)
|
(612.4)
|
(1,695.7)
|
For additional information, please check the full document on
our website ri.embraer.com.br
INVESTOR RELATIONS
Eduardo Couto, Chris Thornsberry, Caio Pinez and Viviane Pinheiro.
(+55 11) 3040-6874
investor.relations@embraer.com.br
ri.embraer.com.br
CONFERENCE CALL INFORMATION
Embraer will host a conference call to present its 4Q20 Results
on Friday, March 19, 2021 at
2:00 PM (SP) / 1:00 PM (NY). The conference call will also
be broadcast live over the web at ri.embraer.com.br
Conference ID: EMBRAER
Telephones USA / Canada: +1 (412) 717-9627 / +1 (844)
204-8942
Telephones Brazil: +55 (11)
4210-1803 / +55 (11) 3181-8565
We recommend calling 15 minutes in advance.
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SOURCE Embraer S.A.