Embraer Releases First Quarter 2017 Results 

embraer-quarter-results

Embraer has published the results of its activity for the first quarter of 2017. The highlights include:

  • 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.

More details can be found on the official website of Embraer and here.

About the Author

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William Stavski
William Stavsky is a news writer for the Wings Journal. William has a bachelor's degree in Journalism and Social Communication at the University of Humanities and Economics in Lodz. His biggest interests are aviation, rock climbing, and animal care. After graduating university Stavsky joined the Wings Journal where he is a dedicated journalist, eager to share the most important aviation news with the world.

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