Benzinga - by Lekha Gupta, Benzinga Editor.
Embraer SA (NYSE:ERJ) reported a fourth-quarter FY23 revenue of $1.975 billion, missing the consensus of $2.049 billion.
Embraer delivered 75 jets in the fourth quarter (vs. 80 in the prior year quarter), of which 25 were commercial aircraft, 49 were executive jets, and one military C-390 jet.
The company had a firm order backlog of $18.7 billion at the end of FY23.
Related: Brazil’s Porter Airlines Places Order For Embraer’s E195-E2 Passenger Jets Worth $2.1B
Adjusted EBIT margin expanded to 9.2% in the fourth quarter, compared to 8.3% in the prior year. Adjusted EBITDA margin expanded to 12.8% from 11.5% a year ago.
Adjusted income per basic ADS was $0.42 versus $0.24 last year, which beat the consensus of $0.40.
Adjusted Free Cash Flow w/o EVE (FCF) stood at $684.0 million vs. $584.3 million a year ago.
FY24 Guidance: Embraer expects commercial jet deliveries of 72-80 aircraft and executive jet deliveries of 125-135 aircraft.
The company sees revenues of $6.0 billion-$6.4 billion vs. consensus of $6.13 billion and an Adjusted EBIT margin of 6.5%-7.5%.
ERJ expects adjusted free cash flow of $220 million or higher for the year.
Also Read: Embraer Deploys Dassault’s Simulation Technology For Eve Air Mobility: Details
Price Action: ERJ shares are up 1.93% at $23.78 premarket on the last check Monday.
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