Embraer releases 4Q13 and fiscal year 2013 results

In the fourth quarter of 2013, Embraer delivered 32 commercial and 53 executive (38 light and 15 large) jets and ended the year with total deliveries of 90 commercial and 119 executive (90 light and 29 large) aircraft. As a result of aircraft deliveries and growth in the Company’s Defense & Security segment, 4Q13 and 2013 Revenues reached US$ 2,304.0m and US$ 6,235.0m, respectively, also meeting the Company’s Revenue Guidance range of US$ 5.9 to US$ 6.4bn. EBIT and EBITDA margins were 20.1% and 23.6%, respectively, in 4Q13, and for fiscal year 2013 the EBIT and EBITDA margins were 11.4% and 16.1%, respectively, considering non-recurring items in 4Q13. As a result, the Company surpassed its EBIT and EBITDA margin Guidance for the year of 9.0% to 9.5% and 13.0% to 14.0%, respectively. Strong Operating Cash Flow of US$ 564.6m during 2013 increased the Company’s net cash position to US$ 429.3m at the end of the year. 4Q13 net income attributable to Embraer Shareholders and Earnings per ADS basic totaled US$ 264.5m and US$ 1.4513, respectively, and fiscal year 2013 net income attributable to Embraer Shareholders and Earnings per ADS basic totaled US$ 342.0m and US$ 1.8764, respectively. For 2014, Company Guidance is for expected net revenues of US$ 6.0 to US$ 6.5bn, driven by growth in the Defense & Security segment and expected deliveries of 92 to 97 jets in the Commercial Aviation segment and 25 to 30 large jets and 80 to 90 light jets in the Executive Jets segment. The Company’s backlog ended 2013 at a value of US$ 18.2bn, representing 46% growth from the US$ 12.5bn reported at the end of 2012.