Embraer delivered 14 commercial jets and 20 executive jets (12 light / 8 large) in 2Q21, bringing the year-to-date deliveries to 23 commercial jets and 33 executive jets (22 light /11 large). Following solid sales activity in the period across businesses, total company firm order backlog at the end of 2Q21 was US$ 15.9 billion.
Embraer’s revenues in 2Q21 reached US$ 1,130.5 million, representing year-over-year growth of 110.4% compared to 2Q20, with double digit growth in all segments. First half 2021 revenues grew 65.5% compared to the same period of 2020.
Excluding special items, Embraer’s adjusted EBIT and EBITDA were US$ 104.7 million and US$ 160.7 million, respectively, yielding adjusted EBIT margin of 9.3% and adjusted EBITDA margin of 14.2%. In the first six months of 2021, adjusted EBIT margin was 3.9% and adjusted EBITDA margin was 9.2%;
Embraer’s adjusted net income (excluding special items and deferred income tax and social contribution) in 2Q21 was US$ 43.6 million, with adjusted earnings per ADS of US$ 0.24. This is the Company’s first quarterly adjusted net profit reported since the first quarter of 2018;
Embraer generated free cash flow in 2Q21 of US$ 45.1 million, and in the first half of 2021 free cash usage was US$ (181.4) million. The free cash flow in both periods represented a significant improvement compared to the negative free cash flow in 2Q20 and the first half of 2020 on better profitability and on working capital efficiencies;
The company finished the quarter with total cash of US$ 2.5 billion and net debt of US$ 1.8 billion;
Embraer expects commercial jet deliveries of 45-50 aircraft, executive jet deliveries of 90-95 units, consolidated revenues in a range of US$ 4.0 to $4.5 billion, adjusted EBIT margin of 3.0% to 4.0%, adjusted EBITDA margin of 8.5% to 9.5%, and free cash flow to be within a range of a usage of US$ 150 million to breakeven for the year without M&A or divestitures.