Embraer Earnings Results 4th Quarter 2021 and Fiscal Year 2021
SÃO PAULO, March 9, 2022 /PRNewswire/ -- EMBRAER S.A. (NYSE: ERJ; B3: EMBR3) releases its Fourth Quarter and Fiscal Year 2021 Earnings Results.
HIGHLIGHTS
- Embraer delivered 55 jets in the fourth quarter, of which 16 commercial aircraft and 39 executive jets (26 light and 13 mid-size). In 2021, a total of 141 jets were delivered comprised of 48 commercial aircraft and 93 executive jets (62 light and 31 mid-size).
- Firm order backlog ended 4Q21 at US$ 17.0 billion. This is the highest quarter backlog since 2Q18, driven by solid order activity, particularly in the Executive & Commercial segments. Book to bill in excess 2:1 for Commercial and Executive.
- Revenues reached US$ 1.3 billion in the quarter and US$ 4.2 billion in 2021, in line with the Company guidance for revenues of US$ 4.0 – US$ 4.5 billion.
- Adjusted EBIT and EBITDA margins for 2021 reached guidance of 3.0% – 4.0% and 8.5% – 9.5%, respectively driven by enterprise efficiencies, better prices and mix volumes from Commercial, Executive and Services & Support segments.
- Significant improvement in Free Cash Flow (FCF) in 4Q21, with cash generation of US$ 452.6 million, leading to full year FCF of US$ 292.4 million in 2021, surpassing FCF guidance of US$ 100 million or better.
- Net Debt/EBITDA ratio decreased from 5.6x in 2019 to 3.5x in 2021, with strong FCF and EBITDA recovery.
- Guidance for 2022 (without Eve): commercial jet deliveries of 60-70 aircraft, executive jet deliveries of 100-110 aircraft, revenues in a range of US$ 4.5 to US$ 5.0 billion, Adjusted EBIT margin of 3.5% to 4.5%, Adjusted EBITDA margin of 8.0% to 9.0%, and free cash flow of US$ 50 million or better for the year.
Main financial indicators
in millions of U.S dollars, except % and earnings per share data |
|||||
IFRS |
3Q21 |
4Q20 |
4Q21 |
2020 |
2021 |
Revenue |
958.1 |
1,841.4 |
1,301.3 |
3,771.1 |
4,197.2 |
EBIT |
30.0 |
103.6 |
60.6 |
(323.4) |
201.3 |
EBIT margin % |
3.1% |
5.6% |
4.7% |
-8.6% |
4.8% |
Adjusted EBIT |
35.7 |
76.6 |
56.2 |
(100.5) |
167.0 |
Adjusted EBIT margin % |
3.7% |
4.2% |
4.3% |
-2.7% |
4.0% |
EBITDA |
73.5 |
172.6 |
111.4 |
(39.6) |
396.8 |
EBITDA margin % |
7.7% |
9.4% |
8.6% |
-1.1% |
9.5% |
Adjusted EBITDA |
79.2 |
145.6 |
107.0 |
82.1 |
362.5 |
Adjusted EBITDA margin % |
8.3% |
7.9% |
8.2% |
2.2% |
8.6% |
Adjusted net income (Loss) |
(33.9) |
(12.5) |
57.2 |
(463.7) |
(28.9) |
Adjusted earnings (losses) per share - ADS basic |
(0.1843) |
(0.0679) |
0.3116 |
(2.5194) |
(0.1575) |
Net income (loss) attributable to Embraer Shareholders |
(45.0) |
(3.3) |
2.1 |
(731.9) |
(44.7) |
Earnings (losses) per share - ADS basic (US$) |
(0.2450) |
(0.0179) |
0.0114 |
(3.9766) |
(0.2434) |
Adjusted free cash flow |
21.3 |
725.1 |
452.6 |
(990.2) |
292.4 |
Net debt |
(1,803.6) |
(1,695.7) |
(1,392.2) |
(1,695.7) |
(1,392.2) |
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 4Q21 Results on:
Thursday, March 10, 2022 at 9:00 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.
SOURCE Embraer S.A.
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