2024 Guidance reiterated: Management believes current estimates are still valid and represent evenly balanced risks and opportunities for full-year operations. Commercial Aviation deliveries between 72 and 80 aircraft, and Executive Aviation deliveries between 125 and 135. Total company revenues in the US$6.0-6.4 billion range, Adjusted EBIT margin between 6.5% and 7.5%, and Adjusted free cash flow of US$220 million or higher.
· Embraer delivered 25 jets in 1Q24 of which 18 were executive jets (11 light and 7 medium) and 7 were commercial jets – an increase of +67% compared to the 15 aircraft delivered in 1Q23.
· Firm order backlog of US$21.1 billion in 1Q24 – the highest level over the past 7 years. Commercial Aviation registered an increase of US$2.3 billion (+26% qoq). For more information please see our 1Q24 Backlog and Deliveries release.
· Revenues totaled US$897 million in the quarter or an increase of +25% yoy. Executive Aviation stood out with 2.75x growth – the highest 1Q revenues and number of deliveries over the past 8 years.
· Adjusted EBIT reached US$6.8 million with an +0.8% margin in 1Q24 (-4.4% in 1Q23).
· Adjusted free cash flow w/o Eve in 1Q24 was negative US$(346) million because of the preparation for higher number of deliveries in the coming quarters.
· Liability management with further US$276 million reduction in gross debt w/o Eve during the quarter.
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