Embraer Shares Gain After Q4 Results, Aircraft Deliveries Increase By 12.7% In FY22

Embraer SA ERJ reported fourth-quarter FY22 revenue of $1.992 billion, an increase of 53% year-over-year, marginally beating the consensus of $1.99 billion.
Adjusted income per basic ADS was $0.235 versus $0.3116 last year, which missed the consensus of $0.33.
Embraer delivered 80 jets in Q4, of which 30 were commercial aircraft and 50 were executive jets.
ERJ delivered a total of 159 jets in FY22. Embraer increased the number of aircraft delivered by 12.7% compared with 2021, even with significant supply chain constraints.
The company had a firm order backlog of $17.5 billion in 4Q22.
Adjusted EBIT margin expanded to 8.3% in Q4, compared to 4.3% in 4Q21. Adjusted EBITDA margin improved to 11.5% from 8.2% in 4Q21.
The net Debt/EBITDA ratio decreased from 3.9x in 2021 to 2.1x in FY22.
Adjusted Free Cash Flow w/o EVE (FCF) in 4Q22, with cash generation of $584.3 million, leading to FY22 FCF of $540.1 million.
FY23 Guidance: Embraer expects commercial jet deliveries of 65-70 aircraft and executive jet deliveries of 120-130 aircraft.
The company sees revenues of $5.2 billion-$5.7 billion vs. consensus of $5.37 billion, an Adjusted EBIT margin of 6.4%-7.4%, and an Adjusted EBITDA margin of 10%-11%.
ERJ expects FY23 adjusted free cash flow of $150 million or better for the year.
Price Action: ERJ shares traded higher by 6.46% at $14.74 on the last check Friday.
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