Embraer Releases First Quarter 2017 Results
SAO PAOLO, May 2, 2017 /PRNewswire/ --
HIGHLIGHTS
-- In 1Q17, Embraer delivered 18 commercial and 15 executive (11 light and
4 large) jets, representing a decline from the 21 commercial and 23
executive (12 light and 11 large) jet deliveries in 1Q16;
-- The Company's firm order backlog ended the quarter at US$ 19.2 billion;
-- Revenues in 1Q17 were US$ 1,026.3 million, representing a decline of
21.6% as compared to 1Q16, due largely to a decline in commercial jet
and executive jet deliveries;
-- Adjusted EBIT and Adjusted EBITDA margins were 3.0% and 10.1%,
respectively, in 1Q17. Adjusted EBIT and Adjusted EBITDA exclude the
impact of US$ 7.6 million in additional provisions related to the
Company's voluntary dismissal program;
-- 1Q17 Net income attributable to Embraer shareholders and Earnings per
ADS were US$ 42.5 million and US$ 0.23, respectively. Adjusted Net
income (excluding the impact of FX-related non-cash deferred income tax
and social contribution and the aforementioned provision) for the
quarter was US$ 23.2 million, representing Adjusted Earnings per ADS of
US$ 0.13 in 1Q17;
-- In January, Embraer issued US$ 750 million in principal value of bonds
at par, with maturity in 2027 and a coupon rate of 5.4%. The Company
finished 1Q17 with a total cash position of US$ 3,482.0 million and
total debt of US$ 4,287.8 million, yielding a net debt position of US$
805.8 million;
-- In March, the Company announced that it successfully completed the
inaugural flight of the first prototype of the E-195 E2 commercial jet,
several months ahead of schedule. All three jet models of the E2 program
remain on track for their respective entry into service plans - the
E-190 E2 in the first half of 2018, the E-195 E2 in the first half of
2019 and the E-175 E2 in 2021;
-- Embraer reiterates all aspects of its financial and delivery outlook for
2017.
MAIN FINANCIAL INDICATORS
in millions of U.S dollars, except % and earnings per share data
----------------------------------------------------------------
IFRS (1) (1) (1)
----
4Q16 1Q16 1Q17
---- ---- ----
Revenue 2,027.8 1,309.0 1,026.3
EBIT 276.6 85.7 23.4
EBIT Margin % 13.6% 6.5% 2.3%
Adjusted EBIT 246.1 85.7 31.0
Adjusted EBIT Margin % 12.1% 6.5% 3.0%
EBITDA 378.5 159.5 95.8
EBITDA Margin % 18.7% 12.2% 9.3%
Adjusted EBTIDA 348.0 159.5 103.4
Adjusted EBTIDA Margin % 17.2% 12.2% 10.1%
Adjusted Net Income (2) 209.1 (1.7) 23.2
Net income attributable to Embraer Shareholders 195.2 103.9 42.5
Earnings per share - ADS basic (US$) 1.0634 0.5690 0.2312
Net debt (574.7) (219.9) (805.8)
------ ------
(1) Derived from unaudited financial information.
For more information, please visit 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
http://ri.embraer.com.br
Follow Embraer's IR Department on Twitter: @IREmbraer
CONFERENCE CALL INFORMATION
Embraer will host a conference call to present its 1Q17 Results on Tuesday, May 2, 2017 at 11:30AM (SP) / 10:30AM (NY). The conference call will also be broadcast live over the web at http://ri.embraer.com.br
Telephones:
Operator Assisted (US/ Canada) Toll-Free Dial-In Number: (877) 846-1574
Operator Assisted International Dial-In Number: (708) 290-0687
Your own International Toll-Free number for Brazil: 0800 047 4803 (land line) and 0800 047 4801 (cell phone)
Code: 60342039
ABOUT EMBRAER
Embraer is a global company headquartered in Brazil with businesses in commercial and executive aviation, defense & security. The company designs, develops, manufactures and markets aircraft and systems, providing customer support and services.
Since it was founded in 1969, Embraer has delivered more than 8,000 aircraft. About every 10 seconds an aircraft manufactured by Embraer takes off somewhere in the world, transporting over 145 million passengers a year.
Embraer is the leading manufacturer of commercial jets up to 130 seats. The company maintains industrial units, offices, service and parts distribution centers, among other activities, across the Americas, Africa, Asia and Europe.
For more information, please visit www.embraer.com.br
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/embraer-releases-first-quarter-2017-results-300449188.html
SOURCE Embraer
