Embraer Earnings Results 2nd Quarter 2019
PR Newswire
SÃO PAULO, Aug. 14, 2019
SÃO PAULO, Aug. 14, 2019 /PRNewswire/ — EMBRAER S.A. (NYSE: ERJ; B3: EMBR3) releases its Second Quarter 2019 Earnings Results.
HIGHLIGHTS
- Embraer delivered 26 commercial and 25 executive (19 light and 6 large) jets during 2Q19, compared to 28 commercial jets and 20 executive (15 light and 5 large) jets in 2Q18;
- The Company’s firm order backlog at the end of 2Q19 was US$ 16.9 billion, up from the US$ 16.0 billion reported at the end of 1Q19. Embraer achieved book-to-bills of above 1x in each of its major business units during the quarter, led by sales performance in the Executive Jets segment;
- EBIT and EBITDA in 2Q19 were US$ 26.6 million and US$ 67.0 million, respectively, yielding EBIT margin of 1.9% and EBITDA margin of 4.9%. In the first six months of 2019 the Company’s EBIT was US$ 11.4 million (EBIT margin of 0.5%) and EBITDA was US$ 97.9 million (EBITDA margin of 4.4%);
- 2Q19 Net income attributable to Embraer shareholders and Earnings per ADS were US$ 7.2 million and US$ 0.04, respectively. Adjusted net loss (excluding deferred income tax and social contribution) for 2Q19 was US$ (13.9) million, with Adjusted loss per ADS of US$ (0.08). Embraer reported adjusted net loss in 2Q18 of US$ (0.4) million, for an adjusted loss per ADS of US$ (0.002) in the quarter;
- Embraer reported 2Q19 Free cash flow of US$ 1.5 million, versus free cash flow of US$ 43.3 million reported in 2Q18. The Company expects free cash flow generation to improve in the second half of the year given higher expected aircraft deliveries and cash inflows related to Defense & Security contracts;
- The Company finished the quarter with total cash of US$ 2,478.8 million and total debt of US$ 3,569.1 million, yielding a net debt position of US$ 1,090.3 million at the end of 2Q19;
- The Company reaffirms all aspects of its 2019 financial and deliveries guidance.
MAIN FINANCIAL INDICATORS
|
IFRS (in millions of U.S dollars, except % and earnings per share data) |
1Q19 |
2Q18* |
2Q19 |
YTD19 |
|
Revenue |
823.3 |
1,253.9 |
1,378.7 |
2,202.0 |
|
EBIT |
(15.2) |
(20.3) |
26.6 |
11.4 |
|
EBIT margin % |
-1.8% |
-1.6% |
1.9% |
0.5% |
|
Adjusted EBIT |
(15.2) |
106.9 |
26.6 |
11.4 |
|
Adjusted EBIT margin % |
-1.8% |
8.5% |
1.9% |
0.5% |
|
EBITDA |
30.9 |
41.5 |
67.0 |
97.9 |
|
EBITDA margin % |
3.8% |
3.3% |
4.9% |
4.4% |
|
Adjusted EBITDA |
30.9 |
168.7 |
67.0 |
97.9 |
|
Adjusted EBITDA margin % |
3.8% |
13.5% |
4.9% |
4.4% |
|
Adjusted net income (Loss) |
(61.8) |
(0.4) |
(13.9) |
(75.7) |
|
Adjusted earnings (losses) per share – ADS basic |
(0.3360) |
(0.0022) |
(0.0756) |
(0.4115) |
|
Net income (loss) attributable to Embraer Shareholders |
(42.5) |
(131.4) |
7.2 |
(35.3) |
|
Earnings (losses) per share – ADS basic (US$) |
(0.2311) |
(0.7167) |
0.0391 |
(0.1919) |
|
Adjusted free cash flow |
(665.3) |
43.3 |
1.5 |
(663.8) |
|
Net debt |
(1,103.7) |
(729.2) |
(1,090.3) |
(1,090.3) |
For additional information, please check the full document on our website ri.embraer.com.br
Investor Relations
Eduardo Couto, Chris Thornsberry, Caio Pinez, Nádia Santos, Paulo Ferreira and Viviane Pinheiro.
(+55 12) 3927 1000
[email protected]
CONFERENCE CALL INFORMATION
Embraer will host a conference call to present its 2Q19 Results on Wednesday, August 14, 2019 at 10:30 AM (SP) / 9:30 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 (844) 204-8942 / (Dial-in) +1 (412) 717-9627
Telephones U.K.: (Toll-free) 0-808-111-0152 / (Dial-in) +44 20 7442-5660
Telephones Brazil: +55 (11) 3193-1070 / +55 (11) 2820-4070
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SOURCE Embraer S.A.
