SÃO PAULO, June 1, 2020
/PRNewswire/ -- EMBRAER S.A. (NYSE: ERJ; B3: EMBR3) releases its
First Quarter Earnings Results.
HIGHLIGHTS
- Embraer delivered five commercial jets and nine executive jets
(five light / four large) in 1Q20, and the Company's firm order
backlog at the end of 1Q20 was US$ 15.9
billion;
- EBIT and EBITDA in 1Q20 as reported were US$ (46.9) million and US$
9.3 million, respectively, yielding EBIT margin of -7.4% and
EBITDA margin of 1.5%. This compares to EBIT of US$ (15.2) million (-1.8% EBIT margin) and EBITDA
of US$ 30.9 million (3.8% EBITDA
margin) in 1Q19.
- The 1Q20 results include special items due to the impacts of
COVID-19: 1) US$ 22.2 million in
negative fair value changes on the Company's stake in Republic
Airways Holdings, and 2) US$ 33.4
million in bad debt provisions on accounts receivables, as
the Company adopted a more conservative approach in the context of
the COVID-19 pandemic;
- Adjusted EBIT and EBITDA were US$ 8.7
million and US$ 64.9 million,
respectively, yielding adjusted EBIT margin of 1.4% and adjusted
EBITDA margin of 10.2%;
- 1Q20 Net loss attributable to Embraer shareholders and Loss per
ADS were US$ (292.0) million and
US$ (1.59), respectively. Adjusted
net loss (excluding special items and deferred income tax and
social contribution) for 1Q20 was US$
(104.0) million, with Adjusted loss per ADS of US$ (0.57). The adjusted net loss in 1Q19 was
US$ (61.8) million, for an adjusted
loss per ADS of US$ (0.34) in the
quarter;
- Embraer reported Free cash flow of US$
(676.5) million in 1Q20, in line with free cash flow of
US$ (665.3) million reported in 1Q19,
which is historically negative due to seasonal working capital
consumption;
- Embraer's liquidity remains solid as the Company finished the
quarter with total cash of US$ 2,500.6
million and major debt maturities starting in 2022 onwards.
Total debt at the end of 1Q20 was US$
3,832.2 million, yielding a net debt position of
US$ 1,331.6 million versus net debt
of US$ 1,103.7 million in 1Q19.
Embraer continues to evaluate additional financing to further
enhance its cash position;
- Due to the uncertainty related to the COVID-19 pandemic,
financial and deliveries guidance for the Company's 2020 results
remains suspended at this point.
MAIN FINANCIAL INDICATORS
in millions of U.S
dollars, except % and earnings per share data
|
|
1Q19
|
4Q19
|
1Q20
|
Revenue
|
823.3
|
2,085.0
|
633.8
|
EBIT
|
(15.2)
|
(67.6)
|
(46.9)
|
EBIT margin
%
|
-1.8%
|
-3.2%
|
-7.4%
|
Adjusted
EBIT
|
(15.2)
|
4.0
|
8.7
|
Adjusted EBIT margin
%
|
-1.8%
|
0.2%
|
1.4%
|
EBITDA
|
30.9
|
(5.8)
|
9.3
|
EBITDA margin
%
|
3.8%
|
-0.3%
|
1.5%
|
Adjusted
EBITDA
|
30.9
|
65.8
|
64.9
|
Adjusted EBITDA
margin %
|
3.8%
|
3.2%
|
10.2%
|
Adjusted net income
(Loss)
|
(61.8)
|
(93.4)
|
(104.0)
|
Adjusted earnings
(losses) per share - ADS basic
|
(0.3360)
|
(0.5077)
|
(0.5651)
|
Net income (loss)
attributable to Embraer Shareholders
|
(42.5)
|
(209.8)
|
(292.0)
|
Earnings (losses) per
share - ADS basic (US$)
|
(0.2311)
|
(1.1404)
|
(1.5867)
|
Adjusted free cash
flow
|
(665.3)
|
739.4
|
(676.5)
|
Net debt
|
(1,103.7)
|
(612.4)
|
(1,331.6)
|
For additional information, please check the full document on
our website ri.embraer.com.br
INVESTOR RELATIONS
Eduardo Couto, Chris Thornsberry, Caio Pinez, Nádia Santos, and
Viviane Pinheiro.
(+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 1Q20 Results
on Monday, June 1, 2020 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 / Canada: +1 (412) 717-9627 / +1 (844)
204-8942
Telephones U.K.: +44 20 3795-9972
Telephones Brazil: +55 (11)
4210-1803 / +55 (11) 3181-8565
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SOURCE Embraer S.A.