Benzinga | Nov 5, 2021 09:43AM EDT

Embraer Clocks 26% Revenue Growth In Q3, Misses Estimates

* Embraer SA (NYSE:ERJ) reported third-quarter sales growth of 26.3% year-over-year to $958.1 million, missing the consensus of $1.03 billion.

* Adjusted Loss per basic ADS was $(0.1843) versus $(0.8058) last year, missing the consensus of $(0.12).

* Embraer delivered 9 commercial jets and 21 executive jets in 3Q21, bringing the year-to-date deliveries to 32 commercial jets and 54 executive jets. The total order backlog at the end of 3Q21 was $16.8 billion.

* Embraer generated an adjusted free cash flow of $21.3 million, compared to a cash outflow of $566.5 million a year ago.

* Adjusted EBITDA was $79.2 million, compared to $(8.2) million in 2Q20, and margin recovered to 8.3%.

* The company ended the quarter with total cash of $2.5 billion and net debt of $1.8 billion.

* FY21 Outlook: Embraer reiterates its guidance of 45-50 commercial jet deliveries and executive jet deliveries of 90-95 units.

* It expects consolidated revenues of $4 billion - $4.5 billion (consensus $4.44 billion), an adjusted EBIT margin of 3% - 4%, and an adjusted EBITDA margin of 8.5% - 9.5%.

* Embraer has updated its guidance for free cash flow without M&A or divestitures to a range of $100 million or better, from the prior range of $(150) million to breakeven.

* Price Action: ERJ shares closed lower by 3.24% at $15.52 on Thursday.