Aircraft and finance. Embraer releases third quarter 2017 results
São Paulo, Brazil - During 3Q17, the company delivered 25 commercial and 20 executive jets
Embraer releases today its third quarter 2017 results. Highlights - During 3Q17, Embraer delivered 25 commercial jets and 20 executive jet aircraft (13 light and 7 large); - The Company’s firm order backlog at the end of 3Q17 was US$ 18.8 billion, representing an increase from the US$ 18.5 billion reported at the end of 2Q17; - Consolidated revenues in 3Q17 were US$ 1,310.4 million, representing a decline of 13.5% compared to 3Q16 due to lower deliveries in the Commercial Aviation and Executive Jets segments; - Adjusted EBIT and Adjusted EBITDA margins were 5.3% and 10.9%, respectively, in 3Q17. Adjusted EBIT and Adjusted EBITDA exclude US$ 3.6 million in net non-recurring charges in 3Q17; - 3Q17 Net income attributable to Embraer shareholders and Earnings per ADS were US$ 110.0 million and US$ 0.60, respectively. Adjusted Net income (excluding the impact of FX-related non-cash deferred income tax and social contribution and non-recurring items) for the quarter was US$ 75.2 million, representing Adjusted Earnings per ADS of US$ 0.41; - The Company reiterates all formal aspects of its financial and deliveries Guidance for 2017; - Embraer expects 2018 to be a transition year due to the entry into service of the first E2 model, the E-190E2, combined with a still flattish market for Executive Jets and Defense & Security. In this transition scenario of ramp-up costs for the initial E2 deliveries, the Company releases 2018 Outlook for total revenues of US$ 5.3 to US$ 6.0 billion, with deliveries of 85 to 95 jets in Commercial Aviation and 105 to 125 jets in Executive Jets. Consolidated EBIT margin is expected to be within a range of 5.0% to 6.0%, and Guidance for Free Cash Flow is for a usage of US$ (150) million or better for 2018.
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