Embraer Earnings Results 4th Quarter and Fiscal Year 2018
PR Newswire
SÃO PAULO, March 14, 2019
SÃO PAULO, March 14, 2019 /PRNewswire/ — EMBRAER S.A. (NYSE: ERJ; B3: EMBR3) releases its Fourth Quarter and Fiscal Year 2018 Earnings Results.
HIGHLIGHTS
Embraer delivered 33 commercial jets and 36 executive jets (24 light / 12 large) in 4Q18, and in 2018 delivered 90 commercial jets and 91 executive jets (64 light / 27 large);
The Company’s firm order backlog increased to US$ 16.3 billion at the end of 4Q18, including contracts of the Services & Support segment, up from the US$ 13.6 billion reported at the end of 3Q18;
Revenues in 4Q18 were US$ 1,670.9 million and for fiscal year 2018 were US$ 5,071.1 million, in line with the Company’s revised outlook of US$ 5.1 billion disclosed on January 16, 2019;
Adjusted EBIT and adjusted EBITDA excluding special items were US$ 42.5 million and US$ 108.1 million, respectively, in 4Q18, yielding adjusted EBIT margin of 2.5% and adjusted EBITDA margin of 6.5%. Adjusted EBIT and adjusted EBITDA exclude a US$ 61.3 million special item in 4Q18 related to an impairment in the Executive Jets segment;
For 2018, adjusted EBIT and adjusted EBITDA were US$ 223.8 million and US$ 473.7 million, respectively, excluding US$ 188.5 million in total special items. The Company’s 2018 adjusted EBIT margin was 4.4% and adjusted EBITDA margin was 9.3%, below the initial outlook published in early 2018 but in line with the updated guidance published in mid-January 2019;
4Q18 Net loss attributable to Embraer shareholders and Loss per ADS were US$ (18.1) million and US$ (0.10), respectively. Adjusted net loss (excluding deferred income tax and social contribution and special items) for 4Q18 was US$ (6.6) million, with Adjusted loss per ADS of US$ (0.04). Embraer reported adjusted net loss in 2018 of US$ (54.2) million, for an adjusted loss per ADS of US$ (0.30);
Embraer generated Free cash flow of US$ 422.0 million in 4Q18, finishing 2018 with an adjusted free cash flow usage of US$ 127.5 million, slightly better than the updated outlook from mid-January. The Company finished the year with total cash of US$ 3,207.8 million and total debt of US$ 3,647.7 million, yielding net debt of US$ 439.9 million versus net debt of US$880.5 million at the end of 3Q18;
The Company reaffirms all aspects of its 2019 guidance disclosed to the market on January 16, 2019.
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MAIN FINANCIAL INDICATORS |
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in millions of U.S dollars, except % and earnings per share data |
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IFRS |
3Q18 |
4Q17 |
4Q18 |
2017 |
2018 |
|
Revenue |
1,151.7 |
1,731.0 |
1,670.9 |
5,859.4 |
5,071.1 |
|
EBIT |
45.4 |
62.7 |
(18.8) |
341.9 |
35.3 |
|
EBIT Margin % |
3.9% |
3.6% |
-1.1% |
5.8% |
0.7% |
|
Adjusted EBIT |
45.4 |
117.2 |
42.5 |
398.2 |
223.8 |
|
Adjusted EBIT Margin % |
3.9% |
6.8% |
2.5% |
6.8% |
4.4% |
|
EBITDA |
104.8 |
150.3 |
46.8 |
657.3 |
285.2 |
|
EBITDA Margin % |
9.1% |
8.7% |
2.8% |
11.2% |
5.6% |
|
Adjusted EBITDA |
104.8 |
204.8 |
108.1 |
713.6 |
473.7 |
|
Adjusted EBITDA Margin % |
9.1% |
11.8% |
6.5% |
12.2% |
9.3% |
|
Adjusted Net Income (Loss) |
(29.1) |
76.5 |
(6.6) |
312.9 |
(54.2) |
|
Adjusted earnings per share – ADS basic |
(0.1586) |
0.4169 |
(0.0360) |
1.7045 |
(0.2955) |
|
Net income (loss) attributable to Embraer Shareholders |
(21.3) |
39.8 |
(18.1) |
264.0 |
(178.2) |
|
Earnings (losses) per share – ADS basic (US$) |
(0.1161) |
0.2166 |
(0.0986) |
1.4381 |
(0.9710) |
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Adjusted Free Cash Flow |
(166.4) |
402.2 |
422.0 |
364.6 |
(127.5) |
|
Net debt |
(880.5) |
(310.4) |
(439.9) |
(310.4) |
(439.9) |
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
[email protected]
ri.embraer.com.br
CONFERENCE CALL INFORMATION
Embraer will host a conference call to present its 4Q18 Results on Thursday, March 14, 2018 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 / International: (Toll-free) +1 (866) 262-4553 / (Dial-in) +1 (412) 317-6029
Telephones Brazil: +55 (11) 3193-1001 / +55 (11) 2820-4001
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SOURCE Embraer S.A.
