Embraer Releases Fourth Quarter And Fiscal Year 2017 Results and 2018 Outlook
SAO PAULO, March 8, 2018 /PRNewswire/ -- EMBRAER S.A. (NYSE: ERJ; B3: EMBR3) releases its fourth quarter and fiscal year 2017 results and 2018 outlook.
HIGHLIGHTS
- Embraer delivered 23 commercial jets and 50 executive jets (32 light / 18 large) in 4Q17, and in 2017 delivered 101 commercial jets and 109 executive (72 light / 37 large) jets, meeting Guidance for 2017;
- Revenues in 4Q17 reached US$ 1,733.0 million and in 2017 were US$ 5,839.3 million, within the Company's Guidance range of US$ 5.7 to US$ 6.1 billion;
- Adjusted EBIT and adjusted EBITDA excluding special items were US$ 132.7 million and US$ 220.3 million, respectively, in 4Q17, yielding margins of 7.7% and 12.7%. Adjusted EBIT and adjusted EBITDA exclude US$ 66.0 million in net non-recurring charges in 4Q17, mostly related to impairments in the Executive Jets and Defense & Security segments;
- For the full year, adjusted EBIT and adjusted EBITDA were US$ 397.1 million and US$ 712.5 million, respectively, excluding US$ 67.8 million in net non-recurring charges. For 2017, adjusted EBIT margin was 6.8% and adjusted EBITDA margin was 12.2%, which were below the Company's guidance;
- Embraer closed 2017 with adjusted free cash flow generation of US$ 406.7 million in 4Q17, resulting in positive 2017 free cash flow of US$ 404.8 million, significantly above the Company's initial expectations for the year of free cash flow consumption of US$(150) million or better. Embraer finished 2017 with net debt of US$ 310.8 million, an improved position versus net debt of US$ 574.7 million at the end of 2016;
- 4Q17 Net income attributable to Embraer shareholders and Earnings per ADS were US$ 35.2 million and US$ 0.19, respectively. Adjusted net income (excluding the impact of FX-related non-cash deferred income tax and social contribution and non-recurring items) for the quarter was US$ 58.3 million, representing adjusted earnings per ADS of US$ 0.32 in 4Q17. Adjusted net income for 2017 was US$ 279.7 million, representing adjusted earnings per ADS of US$ 1.52 for the year;
- The Company reaffirms its 2018 guidance first published in the 3Q17 earnings release on October 27, 2017.
MAIN FINANCIAL INDICATORS
in millions of U.S dollars, except % and earnings per share data |
|||||
3Q17 |
4Q16 |
4Q17 |
2016 |
2017 |
|
Revenue |
1,310.4 |
2,027.8 |
1,733.0 |
6,217.5 |
5,839.3 |
EBIT |
65.2 |
276.6 |
66.7 |
206.0 |
329.3 |
EBIT Margin % |
5.0% |
13.6% |
3.8% |
3.3% |
5.6% |
Adjusted EBIT |
68.8 |
246.1 |
132.7 |
499.1 |
397.1 |
Adjusted EBIT Margin % |
5.3% |
12.1% |
7.7% |
8.0% |
6.8% |
EBITDA |
139.8 |
378.5 |
154.3 |
536.1 |
644.7 |
EBITDA Margin % |
10.7% |
18.7% |
8.9% |
8.6% |
11.0% |
Adjusted EBITDA |
143.4 |
348.0 |
220.3 |
829.2 |
712.5 |
Adjusted EBITDA Margin % |
10.9% |
17.2% |
12.7% |
13.3% |
12.2% |
Adjusted Net Income |
75.2 |
209.1 |
58.3 |
290.5 |
279.7 |
Adjusted earnings per share - ADS basic |
0.4089 |
1.1370 |
0.3177 |
1.5799 |
1.5237 |
Net income attributable to Embraer Shareholders |
110.0 |
195.2 |
35.2 |
166.1 |
246.8 |
Earnings per share - ADS basic (US$) |
0.5982 |
1.0634 |
0.1918 |
0.9032 |
1.3445 |
Adjusted Free Cash Flow |
(22.7) |
285.0 |
406.7 |
(359.2) |
404.8 |
Net debt |
(722.8) |
(574.7) |
(310.8) |
(574.7) |
(310.8) |
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
Alyssa Ten Eyck
[email protected]
Cell: +1 954 383 0460
Tel.: +1 954 359 3847
CONFERENCE CALL INFORMATION
Embraer will host a conference call to present its 4Q17 Results on Thursday, March 8, 2017 at 12:30 PM (SP) / 10:30 AM (NY). The conference call will also be broadcast live over the web at ri.embraer.com.br
Code: 7597888
Telephones:
Operator Assisted (US/ Canada) Toll-Free Dial-In Number: (877) 846-1574
Operator Assisted International Dial-In Number: (708) 290-0687
Your own International Toll-Free number for Brazil: 0800 047 4803 (land line) and 0800 047 4801 (cell phone)
SOURCE Embraer S.A.
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