Embraer releases first quarter 2016 results

In the first quarter of 2016, Embraer delivered 21 commercial and 23 executive (12 light and 11 large) jets, representing an increase of 38% in total deliveries compared to the first quarter 2015. The Company’s firm order backlog ended the quarter at US$21.9bn, compared to US$20.4bn at the end of the first quarter 2015 and US$22.5bn in backlog at the end of 2015. As a result of higher aircraft deliveries in both the Commercial Aviation and Executive Jets segments, the first quarter 2016 revenues were US$1,309.0m, an increase of 24% compared to the first quarter 2015. EBIT and EBITDA margins were 6.5% and 12.8%, respectively, in the first quarter 2016 compared to 7.5% and 14.1% the first quarter 2015), and EBIT and EBITDA for the quarter were US$85.7m and US$167.6m, respectively (versus US$79.6m and US$149.1m in first quarter 2015). First quarter 2016 net income attributable to Embraer Shareholders and Earnings per basic ADS totaled US$103.9m and US$0.5690, respectively. Adjusted net loss, which excludes non-cash deferred income taxes and social contribution largely related to the impact of foreign exchange variation on non-monetary assets, was a loss of US$(1.7)m in the first quarter 2016. Embraer ended the first quarter with a total cash position of US$3,443.3m and total debt of US$3,663.2m, yielding a net debt position of US$219.9m in the quarter.