Embraer reports reduced net loss and strong backlog in Q1 2024 earnings
Embraer, the Brazilian aircraft manufacturer, has released its earnings report for the first quarter of 2024.
Revenue for the quarter totaled $897 million, a 25% year-on-year increase. Executive Aviation particularly stood out with a 2.75x growth, achieving the highest first-quarter revenues and number of deliveries in the past eight years.
Adjusted EBIT reached $6.8 million with a margin of 0.8% in the first quarter of 2024, showing improvement from the previous year.
Embraer has reported a lower adjusted net loss of $12.51 million for the first quarter, compared to the $88.9 million loss it had posted a year earlier.
However, adjusted free cash flow (excluding Eve Air Mobility) in the first quarter was negative $(346) million due to preparations for higher delivery volumes in the upcoming quarters.
Embraer also focused on liability management, reducing gross debt by a further $276 million during the quarter.
In the first quarter of 2024, Embraer delivered 25 jets, a 67% increase compared to the same period last year. Of these deliveries, 18 were executive jets (11 light and seven medium), while seven were commercial jets.
Embraer’s strong demand was underscored by the firm’s backlog of orders, which reached $21.1 billion in the first quarter. This was the highest level in the past seven years, with Commercial Aviation experiencing a notable increase of $2.3 billion, representing a 26% quarter-on-quarter growth.
Management has reiterated its guidance for the year, expressing confidence in its estimates. It anticipates delivering between 72 to 80 commercial aircraft and 125 to 135 executive jets, with total revenues projected to be in the range of $6.0 to 6.4 billion.
The adjusted EBIT margin is also expected to be between 6.5% and 7.5%, with an adjusted free cash flow of $220 million or higher.
The post Embraer reports reduced net loss and strong backlog in Q1 2024 earnings appeared first on AeroTime.
Embraer, the Brazilian aircraft manufacturer, has released its earnings report for the first quarter of 2024. Revenue for…
The post Embraer reports reduced net loss and strong backlog in Q1 2024 earnings appeared first on AeroTime.
