In the second quarter of 2024, Embraer delivered 47 jets, marking an 88% increase from the 25 aircraft delivered in the first quarter. Of these deliveries, 27 were executive jets—20 light and seven medium—19 were commercial jets, and one was a multi-mission C-390 Millennium in Defence.
The company's firm order backlog reached US$21.1 billion in 2Q24, a seven-year high and more than 20% higher than the previous year. This robust backlog reflects growing demand across Embraer's product lines. Revenues for the quarter totalled US$1,494 million, a 67% increase compared to the previous quarter, with Commercial Aviation leading the way with a remarkable 176% growth in revenue.
Embraer's adjusted EBIT for the quarter surged to US$138.8 million, achieving a 9.3% margin, a significant improvement from the US$6.8 million and 0.8% margin in 1Q24. However, the company reported a negative adjusted free cash flow of US$215 million, excluding Eve, due to working capital needs to support the higher number of deliveries expected in the second half of 2024.
Looking ahead, Embraer reiterated its 2024 guidance, confident in its current estimates which balance opportunities and risks for the year. The company expects to deliver between 72 and 80 commercial aircraft and between 125 and 135 executive jets. Total revenues are projected to be in the range of US$6.0-6.4 billion, with an adjusted EBIT margin between 6.5% and 7.5%, and an adjusted free cash flow of US$220 million or higher.
