Embraer releases 1st quarter 2017 results

In the first quarter 2017 (1Q17), Embraer delivered 18 commercial and 15 executive (11 light and 4 large) jets, representing a decline from the 21 commercial and 23 executive (12 light and 11 large) jet deliveries in the first quarter of 2016 (1Q16). The Company’s firm order backlog ended the quarter at US$19.2bn. Revenues in 1Q17 were US$1,026.3m, representing a decline of 21.6% as compared to 1Q16, due largely to a decline in commercial jet and executive jet deliveries. Adjusted EBIT and Adjusted EBITDA margins were 3.0% and 10.1%, respectively, in 1Q17. Adjusted EBIT and Adjusted EBITDA exclude the impact of US$7.6m in additional provisions related to the Company’s voluntary dismissal program. 1Q17 net income attributable to Embraer shareholders and Earnings per ADS were US$42.5m and US$0.23, respectively. Adjusted Net income (excluding the impact of FX-related non-cash deferred income tax and social contribution and the aforementioned provision) for the quarter was US$23.2m, representing Adjusted Earnings per ADS of US$0.13 in 1Q17.