PR Newswire | Nov 5, 2021 06:01AM EDT

11/05 05:00 CDT

Embraer releases its third quarter 2021 earnings release SAO PAULO, Nov. 5, 2021

SAO PAULO, Nov. 5, 2021 /PRNewswire/ -- EMBRAER S.A. (NYSE: ERJ; B3: EMBR3) releases its Third Quarter 2021 Earnings Results.

HIGHLIGHTS

* Embraer delivered 9 commercial jets and 21 executive jets (14 light / 7 large) in 3Q21, bringing the year-to-date deliveries to 32 commercial jets and 54 executive jets (36 light /18 large). Following solid sales activity in the period across businesses, total company firm order backlog at the end of 3Q21 was US$ 16.8 billion; * Revenues in 3Q21 reached US$ 958.1 million, representing year-over-year growth of 26.3% compared to 3Q20, with double digit growth in all segments; * Excluding special items, adjusted EBIT and EBITDA were US$ 35.7 million and US$ 79.2 million, respectively, yielding adjusted EBIT margin of 3.7% and adjusted EBITDA margin of 8.3%. In the first nine months of 2021, adjusted EBIT margin was 3.8% and adjusted EBITDA margin was 8.9%; * Adjusted net loss (excluding special items and deferred income tax and social contribution) in 3Q21 was US$ (33.9) million, with adjusted loss per ADS of US$ (0.18); * Embraer generated free cash flow in 3Q21 of US$ 21.3 million, and in the first nine months of 2021 free cash usage was US$ (160.2) million. The positive free cash flow in 3Q21 represented the first time in more than 10 years the Company generated cash in the usually seasonally weak third quarter. The free cash flow in both periods represented a significant improvement compared to the prior year periods on better profitability and working capital efficiencies, particularly with respect to inventory management; * The Company finished the quarter with total cash of US$ 2.5 billion and net debt of US$ 1.8 billion; * Given better-than-expected free cash flow performance over the first nine months of 2021, Embraer is updating its guidance for free cash flow without M&A or divestitures to a range of US$ 100 million or better, from the prior range of US$ (150) million to breakeven. The Company reiterates its other financial and deliveries guidance for 2021 of commercial jet deliveries of 45-50 aircraft, executive jet deliveries of 90-95 aircraft, consolidated revenues in a range of US$ 4.0 to $4.5 billion, adjusted EBIT margin of 3.0% to 4.0%, and adjusted EBITDA margin of 8.5% to 9.5%.

Main financial indicators

in millions of U.S dollars, except % and earnings per share data

IFRS 2Q21 3Q20 3Q21 YTD21

Revenue 1,130.5 758.7 958.1 2,895.9

EBIT 143.8 (37.7) 30.0 140.7

EBIT margin % 12.7% -5.0% 3.1% 4.9%

Adjusted EBIT 104.7 (45.3) 35.7 110.8

Adjusted EBIT margin % 9.3% -6.0% 3.7% 3.8%

EBITDA 199.8 (0.6) 73.5 287.8

EBITDA margin % 17.7% -0.1% 7.7% 9.9%

Adjusted EBITDA 160.7 (8.2) 79.2 257.9

Adjusted EBITDA margin % 14.2% -1.1% 8.3% 8.9%

Adjusted net income (Loss) ^2 43.6 (148.3) (33.9) (86.2)

Adjusted earnings (losses) per share - ADS basic 0.2373 (0.8058) (0.1843) (0.4690)

Net income (loss) attributable to Embraer Shareholders 87.9 (121.2) (45.0) (46.8)

Earnings (losses) per share - ADS basic (US$) 0.4785 (0.6585) (0.2450) (0.2548)

Adjusted free cash flow 45.1 (566.5) 21.3 (160.2)

Net debt (1,840.5) (2,365.1) (1,803.6) (1,803.6)

For additional information, please check the full document on our websiteri.embraer.com.br

Investor RelationsEduardo Couto, Chris Thornsberry, Caio Pinez, Marilia Saback, and Viviane Pinheiro. (+55 11) 3040-6874investor.relations@embraer.com.brri.embraer.com.br

CONFERENCE CALL INFORMATIONEmbraer will host a conference call to present its 3Q21 Results on Friday, November 5, 2021 at 11:00 AM (SP) / 10:00 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 Brazil: +55 (11) 4210-1803 / +55 (11) 4090-1621 We recommend calling 15 minutes in advance.

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SOURCE Embraer S.A.