Embraer Stock Gains On Solid Q2 Results

  • Embraer SA ERJ reported second-quarter sales growth of 110.4% year-over-year to $1.13 billion, beating the consensus of $902.13 million.
  • Adjusted earnings per basic ADS was $0.24 versus $(1.08) last year.
  • Embraer delivered 14 commercial jets and 20 executive jets in the quarter. The total firm order backlog at the end of 2Q21 was $15.9 billion.
  • Embraer generated an adjusted free cash flow of $45.1 million, compared to a cash outflow of $472.2 million a year ago. 
  • Adjusted EBITDA was $160.7 million, compared to $(120.4) million in 2Q20, and margin recovered to 14.2%.
  • The company ended the quarter with total cash of $2.5 billion and net debt of $1.8 billion.
  • FY21 Outlook: Embraer expects 45-50 commercial jet deliveries and executive jet deliveries of 90-95 units.
  • It expects consolidated revenues of $4.0 billion - $4.5 billion (consensus $4.51 billion), an adjusted EBIT margin of 3% - 4%, and adjusted EBITDA margin of 8.5% - 9.5%.
  • Price Action: ERJ shares traded higher by 3.61% at $15.21 during the premarket session on Friday.
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