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EMBRAER EARNINGS RESULTS 4th QUARTER 2023 and FISCAL YEAR 2023

SÃO PAULO, March 18, 2024 /PRNewswire/ -- EMBRAER S.A. (NYSE: ERJ; B3: EMBR3) releases its FOURTH Quarter 2023 AND FISCAL YEAR 2023 Earnings Results.

HIGHLIGHTS

  • Embraer delivered 75 jets in 4Q23, of which 25 were commercial aircraft, 49 were executive jets (30 light and 19 medium) and 1 was a military C-390. In 2023, the company delivered a total of 181 jets, of which 64 were commercial aircraft, 115 were executive jets (74 light and 41 medium) and 2 were military C-390. Embraer's deliveries increased 13% year-on-year (yoy) when compared to the 160 jets in 2022. The company continues to face supply chain delays which have negatively impacted 2023 results.

  • Firm order backlog ended 4Q23 at US$18.7 billion, the highest number recorded over the past 6 years. Executive and Commercial Aviation registered book-to-bill in excess of 1:1. Meanwhile, Services & Support backlog reached US$3.1 billion - the highest ever registered.

  • Revenues totaled US$1,975 million in 4Q23 and US$5,269 million in 2023, in line with company guidance and 16% higher than in 2022. All business units had double digit revenues and volumes growth yoy; Defense which posted 25% growth was the highlight, followed closely by Commercial Aviation with 20%.

  • Adjusted EBIT reached US$181.7 million in 4Q23, with adjusted EBIT and EBITDA margins of 9.2% and 12.8%, respectively. In 2023, the company reported adjusted EBIT of US$350.0 million, with adjusted EBIT and EBITDA margins of 6.6% and 10.7%, meeting guidance for the year driven by volume, enterprise and tax efficiencies.

  • Adjusted free cash flow w/o EVE (FCF) in 4Q23 was US$684.0 million, and propped full year FCF to US$318.3 million, which surpassed guidance driven by strong sales pre-down payments (PDPs).

  • S&P Global Ratings raised Embraer to investment grade (IG) while Moody's upgraded to Ba1 (one notch below IG). Meanwhile, Fitch, which rates the company BB+ (one notch below IG), revised the company´s outlook to positive.

  • Guidance for 2024: Commercial Aviation deliveries between 72 and 80 aircraft, and Executive Aviation deliveries between 125 and 135 aircraft. Total company revenues in a US$6.0 to US$6.4 billion range, adjusted EBIT margin between 6.5% and 7.5%, and adjusted free cash flow of US$220 million or higher for the year.

For additional information, please check the full document on our website ri.embraer.com.br

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Investor Relations   
Guilherme Paiva, CFA, Patrícia Mc Knight, Viviane Pinheiro, Eliane Fanis and Marcelo Cuperman
(+55 11) 3040-6874 
investor.relations@embraer.com.br
ri.embraer.com.br

CONFERENCE CALL INFORMATION 
Embraer will host a conference call to present its 4Q23 Results on:
Monday, Mar 18, 2024

ENGLISH: 08:00 AM (NY Time) / 9:00 AM (SP Time).   
Click here to access the webcast link https://us02web.zoom.us/webinar/register/WN_vXB9c8HeTWymXwYCcMfSpA#/registration  
To participate by phone call:
U.S.: Dial in +1 689 278 1000 or +1 719 359 4580 or +1 929 205 6099 
Brazil: +55 11 4632 2236 or +55 11 4632 2237 or +55 21 3958 7888 
English call id: 873 8323 1534

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View original content:https://www.prnewswire.com/news-releases/embraer-earnings-results-4th-quarter-2023-and-fiscal-year-2023-302091450.html

SOURCE Embraer S.A.