Embraer Earnings Results 4th Quarter and Fiscal Year 2018
14 March 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$880.5 million at the end of 3Q18;
The Company reaffirms all aspects of its 2019 guidance disclosed to the market on January 16, 2019.
MAIN FINANCIAL INDICATORS | |||||
in millions of U.S dollars, except % and earnings per share data | |||||
IFRS | 3Q18 | 4Q17 | 4Q18 | 2017 | 2018 |
Revenue | 1,151.7 | 1,731.0 | 1,670.9 | 5,859.4 | 5,071.1 |
EBIT | 45.4 | 62.7 | (18.8) | 341.9 | 35.3 |
EBIT Margin % | 3.9% | 3.6% | -1.1% | 5.8% | 0.7% |
Adjusted EBIT | 45.4 | 117.2 | 42.5 | 398.2 | 223.8 |
Adjusted EBIT Margin % | 3.9% | 6.8% | 2.5% | 6.8% | 4.4% |
EBITDA | 104.8 | 150.3 | 46.8 | 657.3 | 285.2 |
EBITDA Margin % | 9.1% | 8.7% | 2.8% | 11.2% | 5.6% |
Adjusted EBITDA | 104.8 | 204.8 | 108.1 | 713.6 | 473.7 |
Adjusted EBITDA Margin % | 9.1% | 11.8% | 6.5% | 12.2% | 9.3% |
Adjusted Net Income (Loss) | (29.1) | 76.5 | (6.6) | 312.9 | (54.2) |
Adjusted earnings per share - ADS basic | (0.1586) | 0.4169 | (0.0360) | 1.7045 | (0.2955) |
Net income (loss) attributable to Embraer Shareholders | (21.3) | 39.8 | (18.1) | 264.0 | (178.2) |
Earnings (losses) per share - ADS basic (US$) | (0.1161) | 0.2166 | (0.0986) | 1.4381 | (0.9710) |
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
investor.relations@embraer.com.br
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.
