SÃO PAULO, Nov. 10, 2020
/PRNewswire/ -- EMBRAER S.A. (NYSE: ERJ; B3: EMBR3) releases its
Third Quarter 2020 Earnings Results.
HIGHLIGHTS
- Embraer delivered 7 commercial jets and 21 executive jets (19
light / 2 large) in 3Q20, and the Company's firm order backlog at
the end of the quarter was US$ 15.1
billion;
- Excluding special items, adjusted EBIT and EBITDA were
US$ (45.3) million and US$ (0.6) million, respectively, negatively
impacted by weak Commercial Aviation results, yielding adjusted
EBIT margin of -6.0% and adjusted EBITDA margin of -0.1%;
- The 3Q20 results include total net positive special items of
US$ 7.6 million: 1) restructuring
expenses of US$ 54.0 million related
to the voluntary and non-voluntary dismissal programs announced in
September, 2) negative provisions for expected credit losses during
the Covid-19 pandemic of US$ 13.0
million, 3) reversal of previous impairment in the Executive
Jets business which positively impacted results by US$ 15.9 million, and 4) reversal of previous
impairment in the Commercial Aviation business which positively
impacted results by US$ 58.7
million;
- Adjusted net loss (excluding special items and deferred income
tax and social contribution) in 3Q20 was US$
(148.3) million, with Adjusted loss per ADS of US$ (0.81);
- Embraer reported Free cash flow of US$
(566.5) million in 3Q20, still affected by working capital
increases (particularly higher inventories) largely in Commercial
Aviation;
- Embraer's liquidity remains solid as the Company finished the
quarter with total cash of US$ 2.2
billion, higher than the US$ 2.0
billion in cash at the end of 2Q20 despite the negative free
cash flow in 3Q20. The Company successfully issued US$ 750 million in bonds with maturity in 2028,
using US$ 250 million of the proceeds
to prepay portions of its 2022 and 2023 bonds, while adding
US$ 500 million in liquidity.
Embraer's liability management during 3Q20 resulted in the average
debt maturity increasing from 3.8 to 4.5 years;
- Due to continued 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
|
|
2Q20
|
3Q19
|
3Q20
|
YTD20
|
|
Revenue
|
537.2
|
1,175.6
|
758.7
|
1,929.7
|
|
EBIT
|
(342.4)
|
(20.8)
|
(37.7)
|
(427.1)
|
|
EBIT margin
%
|
-63.7%
|
-1.8%
|
-5.0%
|
-22.1%
|
|
Adjusted
EBIT
|
(140.5)
|
(20.8)
|
(45.3)
|
(177.2)
|
|
Adjusted EBIT margin
%
|
-26.2%
|
-1.8%
|
-6.0%
|
-9.2%
|
|
EBITDA
|
(221.1)
|
18.2
|
(0.6)
|
(212.4)
|
|
EBITDA margin
%
|
-41.2%
|
1.5%
|
-0.1%
|
-11.0%
|
|
Adjusted
EBITDA
|
(120.4)
|
18.2
|
(8.2)
|
(63.7)
|
|
Adjusted EBITDA
margin %
|
-22.4%
|
1.5%
|
-1.1%
|
-3.3%
|
|
Adjusted net income
(Loss) 2
|
(198.8)
|
(48.4)
|
(148.3)
|
(451.1)
|
|
Adjusted earnings
(losses) per share - ADS basic
|
(1.0801)
|
(0.2631)
|
(0.8058)
|
(2.4510)
|
|
Net income (loss)
attributable to Embraer Shareholders
|
(315.3)
|
(77.2)
|
(121.2)
|
(728.6)
|
|
Earnings (losses) per
share - ADS basic (US$)
|
(1.7131)
|
(0.4197)
|
(0.6585)
|
(3.9587)
|
|
Adjusted free cash
flow
|
(472.2)
|
(257.4)
|
(566.5)
|
(1,715.2)
|
|
Net debt
|
(1,800.7)
|
(1,347.2)
|
(2,365.1)
|
(2,365.1)
|
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 3Q20 Results
on Tuesday, November 10, 2020 at
11:00 AM (SP) / 9:00 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.