Embraer releases fourth quarter and fiscal year 2014 results

In the fourth quarter of 2014, Embraer delivered 30 commercial and 52 executive (38 light and 14 large) jets and ended the year with total deliveries of 92 commercial and 116 executive (92 light and 24 large) aircraft, thus meeting the Company’s total deliveries Guidance for 2014. Revenues in 4Q14 reached US$2,045.5m and in 2014 were US$6,288.8m, also meeting the Company’s 2014 revenue guidance range of US$6.0 to US$6.5bn. EBIT and EBITDA margins were 9.6% and 13.8%, respectively, in 4Q14, and for fiscal year 2014 the EBIT and EBITDA margins were 8.6% and 13.2%, respectively. EBITDA margin was within the Company’s Guidance range of 13.0% to 14.0% for the year, Embraer finished 2014 with a total cash balance of US$2,423.6m and a net debt position of US$84.5m. 4Q14 net income attributable to Embraer Shareholders and Earnings per ADS totaled US$91.4m and US$ 0.4983, respectively, and fiscal year 2014 net income attributable to Embraer Shareholders and Earnings per ADS totaled US$334.7m and US$1.8247, respectively. For 2015, Company Guidance is for expected net revenues of US$6.1 to US$6.6bn driven by expected deliveries of 95 to 100 jets in the Commercial Aviation segment and 35 to 40 large jets and 80 to 90 light jets in the Executive Jets segment, with Defense & Security revenues of US$1.1 to US$1.25bn for the year. The Company’s backlog ended 2014 at a value of US$20.9bn, representing 15% growth from the US$ 18.2bn reported at the end of 2013.