Embraer has released its 2024 first-quarter (1Q24) results, showcasing robust figures across its aviation sectors. In the commercial aviation segment, the company delivered between 72 and 80 aircraft, while in executive aviation, deliveries ranged between 125 and 135 aircraft. Total revenues for the company fell within the range of US$6.0-6.4 billion, with an adjusted EBIT margin of 6.5% to 7.5%, and adjusted free cash flow reaching US$220 million or higher.
In 1Q24, Embraer delivered a total of 25 jets, marking a significant increase of 67% compared to the same period last year. Of these deliveries, 18 were executive jets, comprising 11 light and seven medium aircraft, while the remaining seven were commercial jets.
The firm order backlog for the first quarter amounted to US$21.1 billion, representing the highest level in the past seven years. Notably, the commercial aviation sector saw a substantial increase of US$2.3 billion, indicating strong demand and future growth prospects.
Revenue for the quarter totalled US$897 million, marking a notable 25% year-on-year increase. Executive aviation particularly excelled, experiencing a remarkable 2.75x growth, achieving the highest 1Q revenues and number of deliveries in the past eight years.
Adjusted EBIT for the quarter reached US$6.8 million, with a margin of +0.8% in 1Q24, compared to -4.4% in 1Q23.
Embraer reported net income of US$28.7 million in 1Q24, compared to a net loss of US$(70.8) million in 1Q23.
Adjusted free cash flow, excluding Eve, was negative US$(346) million in the first quarter of 2024. This was primarily due to preparations for a higher number of deliveries expected in the coming quarters.
Additionally, the company continued its liability management efforts, reducing gross debt by a further US$276 million during the quarter, excluding Eve.