Embraer has delivered nine commercial jets and 21 executive jets (14 light / seven large) in the third quarter of 2021, bringing the year-to-date deliveries to 32 commercial jets and 54 executive jets (36 light /18 large). Following solid sales activity in the period across businesses, total company firm order backlog at the end of the third quarter was US$ 16.8 billion, revenues reached US$ 958.1 million, representing year-over-year growth of 26.3% compared to the third quarter of 2020, with double digit growth in all segments. Excluding special items, adjusted EBIT and EBITDA were US$ 35.7 million and US$ 79.2 million, respectively, yielding an adjusted EBIT margin of 3.7% and adjusted EBITDA margin of 8.3%. In the first nine months of 2021, the adjusted EBIT margin was 3.8% and adjusted EBITDA margin was 8.9%.
Adjusted net loss (excluding special items and deferred income tax and social contribution) in the third quarter of 2021 was US$ (33.9) million, with adjusted loss per ADS of US$ (0.18). Embraer generated free cash flow of US$ 21.3 million during the third quarter and in the first nine months of 2021 free cash usage was US$ (160.2) million. The positive free cash flow in the third quarter represented the first time in more than ten years the company generated cash in the usually seasonally weak third quarter. The free cash flow in both periods represented a significant improvement compared to the prior-year periods on better profitability and working capital efficiencies, particularly with respect to inventory management.
The company finished the quarter with total cash of US$ 2.5 billion and net debt of US$ 1.8 billion. (£1.00 = US$1.36 at time of publication).
