Embraer has reported revenues of US$1.3 billion in the fourth quarter and US$4.2 billion in 2021, in line with guidance for revenues of US$ 4.0 – US$ 4.5 billion. Adjusted EBIT and EBITDA margins for 2021 reached guidance of 3.0% – 4.0% and 8.5% – 9.5%.
Embraer delivered 55 jets in the fourth quarter, of which 16 commercial aircraft and 39 executive jets (26 light and 13 mid-size). In 2021, a total of 141 jets were delivered comprised of 48 commercial aircraft and 93 executive jets (62 light and 31 mid-size).
Embraer’s firm order backlog ended 4Q21 at US$17.0 billion. This is the highest quarter backlog since 2Q18, driven by solid order activity, said the manufacturer.
Embraer reports a significant improvement in Free Cash Flow (FCF) in 4Q21, with cash generation of US 452.6 million, leading to full year FCF of US$292.4 million in 2021, surpassing FCF guidance of US$ 100 million or better.
Embraer’s Net Debt/EBITDA ratio decreased from 5.6x in 2019 to 3.5x in 2021, with strong FCF and EBITDA recovery.
Commercial Aviation reported revenue growth of 18% y-o-y to US$ 1,316.4 million due to higher E195-E2 deliveries in 2021, as well as higher prices. The E-Jets E2 family (especially the E195 E2) representing 44% of deliveries in 2021, compared to 25% of total deliveries in 2020.
Executive Aviation 2021 revenues were US$ 1,130.1 million, which is 5% higher y-o-y, driven by increased deliveries and higher prices.
Embraer expects to deliver 60-70 commercial jet deliveries in 2022, with executive jet deliveries of 100-110 aircraft, and revenues in a range of US$4.5 to US$5.0 billion, Adjusted EBIT margin of 3.5% to 4.5%, Adjusted EBITDA margin of 8.0% to 9.0%, and free cash flow of US$ 50 million or better for the year.