EMBRAER EARNINGS RESULTS 3rd QUARTER 2024

Rhea-AI Summary

Embraer (ERJ) reported strong Q3 2024 results with revenues of US$1,692 million, up 32% year-over-year. The company delivered 59 jets in Q3, representing a 37% increase YoY. The firm order backlog reached a 9-year high of US$22.7 billion, up 25% YoY. Management updated 2024 guidance, adjusting Commercial Aviation deliveries to 70-73 aircraft while maintaining Executive Aviation at 125-135 aircraft. The company raised its Adjusted EBIT margin guidance to 9.0-10.0% and Adjusted Free Cash Flow forecast to US$300 million or higher. Fitch Ratings upgraded Embraer to Investment Grade (BBB-) with a stable outlook.

Positive

• Revenue increased 32% YoY to US$1,692 million
• Record backlog of US$22.7 billion, up 25% YoY
• Aircraft deliveries up 37% YoY to 59 jets
• Adjusted EBIT margin guidance raised to 9.0-10.0%
• Free Cash Flow guidance increased to US$300 million
• Credit rating upgraded to Investment Grade by Fitch

Negative

• Commercial Aviation delivery guidance lowered from 72-80 to 70-73 aircraft

SÃO PAULO, Nov. 8, 2024 /PRNewswire/ -- EMBRAER S.A. (NYSE: ERJ; B3: EMBR3) RELEASES ITS THIRD QUARTER 2024 EARNINGS RESULTS.

HIGHLIGHTS

• 2024 Guidance updated: Management believes prior guidance no longer represents evenly balanced opportunities and risks for full-year operations. From an operations point of view, we estimate Commercial Aviation deliveries between 70 and 73 aircraft (down from 72 and 80), and Executive Aviation deliveries between 125 and 135 (unchanged). From a finance point of view, we forecast Revenues in the US$6.0-6.4 billion range (unchanged), Adjusted EBIT margin between 9.0% and 10.0% (up from 6.5% and 7.5%), and Adjusted Free Cash Flow of US$300 million or higher (up from US$220 million or higher).
• Fitch Ratings upgraded our credit rating from "BB+" to "BBB-" with a stable outlook in late September. Consequently, both S&P and Fitch currently rate the company Investment Grade (IG). Moody's rating remains Ba1 (i.e. one-notch below IG) but it recently revised the company's outlook to positive.
• Embraer delivered 59 jets in 3Q24 of which 41 were executive jets (22 light and 19 medium), 16 were commercial jets and 2 multi-mission C-390 Millennium in Defense & Security; +26% versus the 47 aircraft delivered quarter over quarter (qoq) and +37% versus the 43 aircraft delivered year over year (yoy).
• Firm order backlog of US$22.7 billion in 3Q24 – a new record, at a 9-year high level, more than 25% higher yoy and almost 10% higher qoq. For more information please see our 3Q24 Backlog and Deliveries release.
• Revenues totaled US$1,692 million in the period; +32% yoy. Highlight for Executive Aviation and Defense & Security revenues +65% yoy growth each.
• Adjusted EBIT reached US$297.5 million with a 17.6% margin in 3Q24 (US$147.5 million and 8.7% ex-Boeing arbitration; US$100.1 million and 7.8% in 3Q23).
• Adjusted free cash flow w/o Eve was US$241.1 million during the quarter because of higher number of aircraft delivered.

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

INVESTOR RELATIONS
Guilherme Paiva, Patrícia Mc Knight, Viviane Pinheiro, Eliane Fanis, Marilia Saback and Marcelo Cuperman.  
(+55 12)3927-6017
investor.relations@embraer.com.br
ri.embraer.com.br

CONFERENCE CALL INFORMATION
Embraer will host a conference call to present its 3Q24 Results on:

Thursday, Nov 8, 2024
ENGLISH: 7:00 AM (NY Time) / 9:00 AM (SP Time).
Translation to Portuguese.

To access the webcast click here.

Zoom webinar: 828 3217 1969

Or alternatively to participate by phone call:
U.S.: +1(929)205-6099, +1(253)205-0468
Brazil: +55(11)4632-2237, +55(11)4680-6788

We recommend you join 15 minutes in advance. 

 

View original content:https://www.prnewswire.com/news-releases/embraer-earnings-results-3rd-quarter-2024-302299870.html

SOURCE Embraer S.A.

FAQ

What was Embraer's (ERJ) revenue in Q3 2024?

Embraer reported revenues of US$1,692 million in Q3 2024, representing a 32% increase year-over-year.

How many aircraft did Embraer (ERJ) deliver in Q3 2024?

Embraer delivered 59 jets in Q3 2024, consisting of 41 executive jets, 16 commercial jets, and 2 C-390 Millennium defense aircraft.

What is Embraer's (ERJ) current order backlog as of Q3 2024?

Embraer's firm order backlog reached US$22.7 billion in Q3 2024, a new record at a 9-year high level, representing a 25% increase year-over-year.

What is Embraer's (ERJ) updated 2024 delivery guidance?

Embraer updated its 2024 guidance to 70-73 Commercial Aviation deliveries (down from 72-80) and maintained Executive Aviation deliveries at 125-135 aircraft.