Embraer Earnings Results 4th Quarter 2021 and Fiscal Year 2021
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PR Newswire
SÃO PAULO, March 9, 2022
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.
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SOURCE Embraer S.A.
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