Embraer Earnings Results 3rd Quarter 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.
MAIN FINANCIAL INDICATORS
in millions of U.S dollars, except % and earnings per share data
---
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
Adjusted EBITDA Margin % 13.6% 10.3% 9.1% 10.8%
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)
Net debt (721.2) (722.8) (880.5) (880.5)
--- ---
(1) Derived from unaudited financial information.
* Restated 2017 results for new accounting rules (IFRS 15 and IFRS 9)
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.
