During the first quarter of 2017, 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, said the company.
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. 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.Date: May 2, 2017