Embraer Delivers 25 Jets, Generates US$897 Million Q1, 2024

Embraer says it delivered 25 jets in within the first quarter of 2024 of which 18 were executive jets (11 light and 7 medium) and 7 were commercial jets, representing an increase of over 67% compared to the 15 aircraft delivered within the same period in 2023.

The company’s revenues totaled US$897 million in the quarter or an increase of over 25% year on year. Executive Aviation stood out with 2.75x growth – the highest first quarter revenues and number of deliveries over the past eight years.

According to Embraer’s 2024 Guidance, “management believes current estimates are still valid and represent evenly balanced risks and opportunities for full-year operations, even as commercial aviation deliveries were between 72 and 80 aircraft, and Executive Aviation deliveries between 125 and 135 aircraft. Total company revenues in the US$6.0-6.4 billion range, Adjusted EBIT margin was between 6.5% and 7.5%, and Adjusted free cash flow of US$220 million or higher.

There was a firm order backlog of US$21.1 billion in 1Q24, the highest level over the past seven years. Commercial Aviation registered an increase of US$2.3 billion (over 26% quarter on quarter).

Adjusted EBIT reached US$6.8 million with an over 0.8% margin in 1Q24 (-4.4% in 1Q23).

Adjusted free cash flow w/o Eve in 1Q24 was negative US$(346) million because of the preparation for higher number of deliveries in the coming quarters.

There was liability management with further US$276 million reduction in gross debt w/o Eve during the quarter.