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Embraer beats revenue estimates, updates guidance

EditorRachael Rajan
Published 2024/11/08, 14:18
ERJ
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SÃO PAULO - Brazilian aircraft manufacturer Embraer S.A. (NYSE:ERJ) reported third-quarter revenue that surpassed analyst expectations, while also updating its full-year guidance. The company's stock edged up 0.77% Friday following the announcement.

Embraer posted revenue of $1.69 billion for the third quarter, beating the consensus estimate of $1.6 billion. This represents a 32% increase YoY, driven by strong performance in Executive Aviation and Defense & Security segments, both of which saw 65% YoY growth.

The company delivered 59 jets in the third quarter, up 37% from 43 aircraft in the same period last year. This included 41 executive jets, 16 commercial jets, and 2 multi-mission C-390 Millennium aircraft.

Embraer updated its 2024 guidance, now expecting Commercial Aviation deliveries between 70 and 73 aircraft, down from the previous range of 72 to 80. The Executive Aviation delivery forecast remains unchanged at 125 to 135 aircraft. The company maintained its revenue guidance of $6.0-6.4 billion but raised its adjusted EBIT margin forecast to 9.0-10.0%, up from 6.5-7.5% previously.

The firm order backlog reached a new record of $22.7 billion, a 25% increase YoY and nearly 10% higher than the previous quarter. Adjusted EBIT for the quarter was $297.5 million with a 17.6% margin, or $147.5 million and 8.7% margin excluding a Boeing (NYSE:BA) arbitration.

Embraer also reported adjusted free cash flow of $241.1 million for the quarter, attributed to the higher number of aircraft delivered.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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