SÃO PAULO, April 28, 2022 /PRNewswire/ -- EMBRAER S.A. (NYSE:ERJ, B3: EMBR3))) releases its First Quarter 2022 Earnings Results.
HIGHLIGHTS
- Embraer delivered 14 jets in the first quarter, of which 6 commercial aircraft and 8 executive jets (6 light and 2 mid-size).
- Firm order backlog ended 1Q22 at US$ 17.3 billion (+US$0.3 billion versus 4Q21). This is the highest quarter backlog since 2Q18, driven by solid order activity.
- Revenues reached US$ 600.9 million in the quarter, down 26% compared to 1Q21, with almost one month of production shut down due to system and legal reintegration of Commercial Aviation in January. In contrast, reported consolidated gross margin of 20.1% was higher than the 9.5% reported in 1Q21 due to better performance in all segments.
- Adjusted EBIT and EBITDA were US$ (27.0) million and US$ 13.2 million, respectively, yielding Adjusted EBIT margin of -4.5% and Adjusted EBITDA margin of 2.2%. This includes nonrecurring expenses of US$17 million for the quarter.
- Free cash flow (FCF) in 1Q22 was a usage of US$ (67.8) million, representing a significant improvement compared to the US$ (226.6) million in FCF in 1Q21, and best FCF for 1Q since 1Q10, consistent with working capital optimization measures and enterprise efficiency.
- FX Variation & Hedge - in 1Q22 we recognized credits of USD 0.8 million related to payroll expenses due to cash flow hedge, mitigating our exposure to FX variation, which is approximately 13% of total costs.
- The Company finished the quarter with total debt of US$ 3.6 billion, or US$0.5 billion less in line with the strategy to improve our capital structure.
- We reaffirm all aspects of our 2022 financial and deliveries guidance, with no material variation.
Main financial indicators
in millions of U.S dollars, except % and earnings per share data | |||
IFRS | 1Q21 | 4Q21 | 1Q22 |
Revenue | 807.3 | 1,301.3 | 600.9 |
EBIT | (33.1) | 60.6 | (36.3) |
EBIT margin % | -4.1% | 4.7% | -6.0% |
Adjusted EBIT | (29.6) | 56.2 | (27.0) |
Adjusted EBIT margin % | -3.7% | 4.3% | -4.5% |
EBITDA | 14.5 | 111.4 | 3.9 |
EBITDA margin % | 1.8% | 8.6% | 0.6% |
Adjusted EBITDA | 18.0 | 107.0 | 13.2 |
Adjusted EBITDA margin % | 2.2% | 8.2% | 2.2% |
Adjusted net income (Loss) | (95.9) | 57.2 | (78.5) |
Adjusted earnings (losses) per share - ADS basic | (0.5219) | 0.3116 | (0.4274) |
Net income (loss) attributable to Embraer Shareholders | (89.7) | 2.1 | (31.7) |
Earnings (losses) per share - ADS basic (US$) | (0.4882) | 0.0114 | (0.1726) |
Adjusted free cash flow | (226.6) | 452.6 | (67.8) |
Net debt | (1,902.2) | (1,392.2) | (1,453.2) |
For additional information, please check the full document on our website ri.embraer.com.br
INVESTOR RELATIONS
Leonardo Shinohara, Jose Triques, Caio Pinez, Marilia Saback and Viviane Pinheiro.
(+55 11) 3040-6874
[email protected]
ri.embraer.com.br
CONFERENCE CALL INFORMATION
Embraer will host a conference call to present its 1Q22 Results on:
Thursday, April 28, 2022 at 09:00 AM (NY Time)
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 / UK: +44 20 3795 9972
Telephones Brazil: +55 (11) 3181-8565 / +55 (11) 4090-1621
We recommend calling 15 minutes in advance.
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SOURCE Embraer S.A.