SÃO PAULO, March 18,
2024 /PRNewswire/ -- EMBRAER S.A. (NYSE: ERJ; B3:
EMBR3) releases its FOURTH Quarter 2023 AND FISCAL YEAR 2023
Earnings Results.
HIGHLIGHTS
- Embraer delivered 75 jets in 4Q23, of which 25
were commercial aircraft, 49 were executive jets (30 light and
19 medium) and 1 was a military C-390. In 2023, the
company delivered a total of 181 jets, of which 64 were
commercial aircraft, 115 were executive jets (74 light and 41
medium) and 2 were military C-390. Embraer's deliveries
increased 13% year-on-year (yoy) when compared to the 160 jets in
2022. The company continues to face supply chain delays which have
negatively impacted 2023 results.
- Firm order backlog ended 4Q23 at US$18.7 billion, the highest number recorded
over the past 6 years. Executive and Commercial Aviation registered
book-to-bill in excess of 1:1. Meanwhile, Services & Support
backlog reached US$3.1 billion - the
highest ever registered.
- Revenues totaled US$1,975
million in 4Q23 and US$5,269 million in 2023, in line with
company guidance and 16% higher than in 2022. All business units
had double digit revenues and volumes growth yoy; Defense which
posted 25% growth was the highlight, followed closely by Commercial
Aviation with 20%.
- Adjusted EBIT reached US$181.7
million in 4Q23, with adjusted EBIT and EBITDA
margins of 9.2% and 12.8%, respectively. In 2023, the
company reported adjusted EBIT of US$350.0
million, with adjusted EBIT and EBITDA
margins of 6.6% and 10.7%, meeting guidance for the year
driven by volume, enterprise and tax efficiencies.
- Adjusted free cash flow w/o EVE (FCF) in
4Q23 was US$684.0 million, and
propped full year FCF to US$318.3 million,
which surpassed guidance driven by strong sales pre-down payments
(PDPs).
- S&P Global Ratings raised Embraer to investment grade
(IG) while Moody's upgraded to Ba1 (one notch below IG).
Meanwhile, Fitch, which rates the company BB+ (one notch
below IG), revised the company´s outlook to positive.
- Guidance for 2024: Commercial Aviation deliveries
between 72 and 80 aircraft, and Executive Aviation
deliveries between 125 and 135 aircraft. Total company
revenues in a US$6.0 to US$6.4 billion range, adjusted EBIT margin
between 6.5% and 7.5%, and adjusted free cash flow of
US$220 million or higher for
the year.
For additional information, please check the full document on
our website ri.embraer.com.br
Investor Relations
Guilherme Paiva, CFA, Patrícia Mc
Knight, Viviane Pinheiro,
Eliane Fanis and Marcelo Cuperman.
(+55 11) 3040-6874
investor.relations@embraer.com.br
ri.embraer.com.br
CONFERENCE CALL INFORMATION
Embraer will host a conference call to present its 4Q23 Results
on:
Monday, Mar 18, 2024
ENGLISH: 08:00 AM
(NY Time) / 9:00 AM (SP Time).
Click here to access the webcast link
https://us02web.zoom.us/webinar/register/WN_vXB9c8HeTWymXwYCcMfSpA#/registration
To participate by phone call:
U.S.: Dial in +1 689 278 1000 or +1 719 359 4580 or +1 929 205
6099
Brazil: +55 11 4632 2236 or +55 11
4632 2237 or +55 21 3958 7888
English call id: 873 8323 1534
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SOURCE Embraer S.A.