Embraer releases second quarter 2012 results

During the 2nd quarter of 2012 Embraer delivered 35 jets to the commercial aviation market and 20 to the executive aviation market (17 light jets and 3 large jets); as a consequence, 2Q12 revenues reached US$ 1,717.3m and Gross margin grew from 22.4% in 2Q11 to 23.6% in 2Q12. 2Q12 operating performance was strong and as a result EBIT and EBITDA margins reached 11.5% and 15.4%, respectively, for an accumulated EBIT and EBITDA margin of 9.9% and 14.4%, respectively, for the first semester of 2012; Positive operating cash generation of US$ 189.1m in 2Q12; 2Q12 net income attributable to Embraer Shareholders and Earning per ADS basic totaled US$ 54.3m and US$ 0.2996, respectively, primarily as a result of deferred income taxes generated by the appreciation of the US Dollar during the period, which negatively impacted 2Q12 net income. Therefore, 2Q12 adjusted net income, excluding deferred income taxes, was US$ 186.5m.