Embraer Earnings Results 3rd Quarter 2018
PR Newswire
SÃO PAULO, Oct. 30, 2018
SÃO PAULO, Oct. 30, 2018 /PRNewswire/ — EMBRAER S.A. (NYSE: ERJ; B3: EMBR3) releases its Third Quarter 2018 earnings results.
HIGHLIGHTS
- In 3Q18, Embraer delivered 15 commercial and 24 executive (17 light and 7 large) jets, compared to the 25 commercial and 20 executive (13 light and 7 large) jets in 3Q17;
- The Company’s firm order backlog was US$ 13.6 billion at the end of 3Q18, including contracts of the Services & Support segment;
- Reported EBIT and EBITDA in 3Q18 were US$ 45.4 million and US$ 104.8 million, respectively, yielding margins of 3.9% and 9.1%. On a year-to-date basis, the Company’s reported EBIT and EBITDA in 2018 were US$ 54.1 million and US$ 238.4 million, respectively. The year-to-date figures include the negative impact of a non-recurring special item of US$ 127.2 million related to additional costs on the KC-390 development contract in 2Q18 resulting from the incident with prototype aircraft 001 in May;
- Over the first nine months of 2018, adjusted EBIT and adjusted EBITDA, excluding the impact of the KC-390 special item, were US$ 181.3 million and US$ 365.6 million, respectively. Year-to-date adjusted EBIT margin over the first nine months of 2018 was 5.3% and adjusted EBITDA margin in the same period was 10.8%, in line with Embraer’s published 2018 guidance ranges of 5-6% for adjusted EBIT and 10-11% for adjusted EBITDA;
- 3Q18 Net loss attributable to Embraer shareholders and Loss per ADS were US$ (21.3) million and US$ (0.12), respectively. Adjusted net loss (excluding deferred income tax and social contribution) for 3Q18 was US$ (29.1) million, with Adjusted loss per ADS of US$ (0.16);
- Embraer had negative Free cash flow of US$ (166.4) million in 3Q18, and finished the quarter with total cash of US$ 3,142.1 million and total debt of US$ 4,022.6 million, yielding net debt of US$ 880.5 million;
- The Company reaffirms all aspects of its 2018 financial and aircraft deliveries guidance, which does not include the non-recurring impact of the KC-390 cost base revision recognized in 2Q18.
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MAIN FINANCIAL INDICATORS |
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in millions of U.S dollars, except % and earnings per share data |
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IFRS |
(1) |
(1) |
(1) |
(1) |
|
2Q18 |
3Q17* |
3Q18 |
YTD18 |
|
|
Revenue |
1,256.5 |
1,301.5 |
1,151.7 |
3,400.2 |
|
EBIT |
(17.7) |
55.4 |
45.4 |
54.1 |
|
EBIT Margin % |
-1.4% |
4.3% |
3.9% |
1.6% |
|
Adjusted EBIT |
109.5 |
59.0 |
45.4 |
181.3 |
|
Adjusted EBIT Margin % |
8.7% |
4.5% |
3.9% |
5.3% |
|
EBITDA |
44.1 |
130.0 |
104.8 |
238.4 |
|
EBITDA Margin % |
3.5% |
10.0% |
9.1% |
7.0% |
|
Adjusted EBITDA |
171.3 |
133.6 |
104.8 |
365.6 |
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Adjusted EBITDA Margin % |
13.6% |
10.3% |
9.1% |
10.8% |
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Adjusted Net Income (Loss) 2 |
6.1 |
65.4 |
(29.1) |
(47.6) |
|
Adjusted earnings per share – ADS basic |
0.0331 |
0.3557 |
(0.1586) |
(0.2596) |
|
Net income (loss) attributable to Embraer Shareholders |
(126.5) |
103.9 |
(21.3) |
(160.1) |
|
Earnings (losses) per share – ADS basic (US$) |
(0.6898) |
0.5653 |
(0.1161) |
(0.8727) |
|
Adjusted Free Cash Flow |
47.8 |
(22.8) |
(166.4) |
(549.3) |
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Net debt |
(721.2) |
(722.8) |
(880.5) |
(880.5) |
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(1) Derived from unaudited financial information. |
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* Restated 2017 results for new accounting rules (IFRS 15 and IFRS 9) |
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For additional information, please check the full document in 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
investor.relations@embraer.com.br
ri.embraer.com.br
CONFERENCE CALL INFORMATION
Embraer will host a conference call to present its 3Q18 Results on Tuesday, October 30, 2018 at 11:30 AM (SP) / 10:30 AM (NY). The conference call will also be broadcast live over the web at ri.embraer.com.br
Conference ID: EMBRAER
Telephones USA / International: (Toll-free) +1 (866) 262-4553 / (Dial-in) +1 (412) 317-6029
Telephones Brazil: +55 (11) 3193-1001 / +55 (11) 2820-4001
PRESS OFFICES:
Headquarters (Brazil)
Corporate Communications
embraer@idealhks.com
Cell: +55 11 98890 7777
Tel.: +55 11 4873 7984
North America
Alyssa Ten Eyck
ayeck@embraer.com
Cell: +1 954 383 0460
Tel.: +1 954 359 3847
Europe, Middle East and Africa
Guy Douglas
guy.douglas@nl.embraer.com
Cell: +31 (0)657120121
Tell: +31 (0)202158109
China
Mirage Zhong
mirage.zhong@bjs.embraer.com
Cell: +86 185 1378 5180
Tel.: +86 10 6598 9988
Asia Pacific
Nilma Missir-Boissac
nilma.boissac@sin.embraer.com
Cell: +65 9012 8428
Tel.: +65 6305 9955
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SOURCE Embraer S.A.
