Embraer delivered 43 jets in the third quarter, of which 15 commercial aircraft and 28 executive jets (19 light and 9 mid-size). The total number of deliveries represent an increase of 30% compared to 3Q22 and an increase of 33% Year to Date (YTD) from 105 versus 79 aircraft.
Embraer’s third quarter revenue reached US$ 1,284 million in the quarter – some 38% higher than 3Q22 and equal to 2Q23). YTD revenues represent an increase of 29% compared to the same period last year. Embraer reported that while all business units had higher revenues and volumes Year over Year (YoY) and YTD, the main highlight was commercial aviation with strong growth of 68% YoY and 52% YTD.
Embraer’s adjusted EBIT of 7.8% compared to 5.4% in 3Q22 due to higher volumes in all business units. The airframe manufacturer’s firm order backlog ended 3Q23 at US$ 17.8bn, the highest level in one year, driven by higher commercial aviation sales. Commercial Aviation backlog rose from US$8bn to US$8.6bn compared to 2Q23, with 42 aircraft sold in 2023. Services & Support reached US$2.8 bn in the quarter, the highest volume ever recorded in the business unit. Executive Aviation strong backlog at US$ 4.3 billion highlights it sustained demand backlog.
The company stated that it had concluded a successful liability management, extending the average loan maturity to 4.8 years. The cost of Dollar-denominated loans was 6.33% p.a., while the cost of Brazilian Real denominated loans was 10.85% p.a. in 3Q23.
Embraer ended the quarter with a net debt position of US$ 1,357.3 million (without EVE), compared to US$ 1,604.8 million YoY and US$ 1,459.4 million QoQ.