Embraer Releases Fourth Quarter And Fiscal Year 2017 Results and 2018 Outlook
Embraer Releases Fourth Quarter And Fiscal Year 2017 Results and 2018 Outlook
SAO PAULO, March 8, 2018 /PRNewswire/ -- EMBRAER S.A. (NYSE: ERJ; B3: EMBR3) releases its fourth quarter and fiscal year 2017 results and 2018 outlook.
HIGHLIGHTS
-- Embraer delivered 23 commercial jets and 50 executive jets (32 light /
18 large) in 4Q17, and in 2017 delivered 101 commercial jets and 109
executive (72 light / 37 large) jets, meeting Guidance for 2017;
-- Revenues in 4Q17 reached US$ 1,733.0 million and in 2017 were US$
5,839.3 million, within the Company's Guidance range of US$ 5.7 to US$
6.1 billion;
-- Adjusted EBIT and adjusted EBITDA excluding special items were US$ 132.7
million and US$ 220.3 million, respectively, in 4Q17, yielding margins
of 7.7% and 12.7%. Adjusted EBIT and adjusted EBITDA exclude US$ 66.0
million in net non-recurring charges in 4Q17, mostly related to
impairments in the Executive Jets and Defense & Security segments;
-- For the full year, adjusted EBIT and adjusted EBITDA were US$ 397.1
million and US$ 712.5 million, respectively, excluding US$ 67.8 million
in net non-recurring charges. For 2017, adjusted EBIT margin was 6.8%
and adjusted EBITDA margin was 12.2%, which were below the Company's
guidance;
-- Embraer closed 2017 with adjusted free cash flow generation of US$ 406.7
million in 4Q17, resulting in positive 2017 free cash flow of US$ 404.8
million, significantly above the Company's initial expectations for the
year of free cash flow consumption of US$(150) million or better.
Embraer finished 2017 with net debt of US$ 310.8 million, an improved
position versus net debt of US$ 574.7 million at the end of 2016;
-- 4Q17 Net income attributable to Embraer shareholders and Earnings per
ADS were US$ 35.2 million and US$ 0.19, respectively. Adjusted net
income (excluding the impact of FX-related non-cash deferred income tax
and social contribution and non-recurring items) for the quarter was US$
58.3 million, representing adjusted earnings per ADS of US$ 0.32 in
4Q17. Adjusted net income for 2017 was US$ 279.7 million, representing
adjusted earnings per ADS of US$ 1.52 for the year;
-- The Company reaffirms its 2018 guidance first published in the 3Q17
earnings release on October 27, 2017.
MAIN FINANCIAL INDICATORS
in millions of U.S dollars, except % and earnings per share data
----------------------------------------------------------------
3Q17 4Q16 4Q17 2016 2017
Revenue 1,310.4 2,027.8 1,733.0 6,217.5 5,839.3
EBIT 65.2 276.6 66.7 206.0 329.3
EBIT Margin % 5.0% 13.6% 3.8% 3.3% 5.6%
Adjusted EBIT 68.8 246.1 132.7 499.1 397.1
Adjusted EBIT Margin % 5.3% 12.1% 7.7% 8.0% 6.8%
EBITDA 139.8 378.5 154.3 536.1 644.7
EBITDA Margin % 10.7% 18.7% 8.9% 8.6% 11.0%
Adjusted EBITDA 143.4 348.0 220.3 829.2 712.5
Adjusted EBITDA Margin % 10.9% 17.2% 12.7% 13.3% 12.2%
Adjusted Net Income 75.2 209.1 58.3 290.5 279.7
Adjusted earnings per share - ADS basic 0.4089 1.1370 0.3177 1.5799 1.5237
Net income attributable to Embraer Shareholders 110.0 195.2 35.2 166.1 246.8
Earnings per share - ADS basic (US$) 0.5982 1.0634 0.1918 0.9032 1.3445
Adjusted Free Cash Flow (22.7) 285.0 406.7 (359.2) 404.8
Net debt (722.8) (574.7) (310.8) (574.7) (310.8)
-------- ------ ------ ------ ------ ------
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
Alyssa Ten Eyck
ayeck@embraer.com
Cell: +1 954 383 0460
Tel.: +1 954 359 3847
CONFERENCE CALL INFORMATION
Embraer will host a conference call to present its 4Q17 Results on Thursday, March 8, 2017 at 12:30 PM (SP) / 10:30 AM (NY). The conference call will also be broadcast live over the web at ri.embraer.com.br
Code: 7597888
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)
View original content:http://www.prnewswire.com/news-releases/embraer-releases-fourth-quarter-and-fiscal-year-2017-results-and-2018-outlook-300610428.html
SOURCE Embraer S.A.
