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Embraer net profit up, raises 2010 guidance

3-Aug-2010 11:36 AM

Embraer revenue down 7% - financial highlights:

  • Three months ended 30-Jun-2010:
    • Revenue: USD1,354 million, -7.0% year-on-year;
      • Commercial Aviation: USD824.7 million, -15.2%;
      • Aviation Services: USD138.2 million, -8.7%;
    • Operating profit: USD125.7 million, -28.0%;
    • Net profit: USD70.3 million, +3.7%;
    • Aircraft deliveries: 69;
      • Commercial Aviation: 29, -17.1%;
    • Operating cash flow: USD236.4 million, compared with a negative cash flow of USD62.2 million in p-c-p;
  • Six months ended 30-Jun-2010:
    • Revenue: USD2,344 million, -10.2%;
    • Operating profit: USD183.1 million, -9.3%;
    • Net profit: USD105.6 million, +137.3%;
    • Aircraft deliveries: 110;
    • Total assets: USD8,044 million, -3.0% when compared with period ended 31-Mar-2010;
    • Operating cash flow: USD190.2 million, compared with a negative cash flow of USD308.3 million in p-c-p;
    • Cash and cash equivalents: USD1,115 million, -2.4%.

The aircraft manufacturer has also increased its 2010 revenue guidance by 5%, now expecting revenue to reach USD5,250 million and an operating margin of 6.5%. [more]

Embraer: “Considering that there were 50 commercial aircraft delivered during 1H10, the company is on target to meet its annual deliveries projections in this segment. In terms of aircraft demand, the effects of the recovery can also be perceived from the total number of Embraer’s ongoing sales campaigns, which is considerably higher than in the last quarter of 2009, and, to some extent, have already materialized into concrete sales results, which were announced during this year’s Farnborough Airshow,” Company statement. Source: Embraer, 02-Aug-2010.

Embraer: “Based on Embraer’s recent announcements and our ongoing discussions with customers, we are cautiously optimistic and in our view we can say that signs of a recovery are becoming more consistent for the airline market,” Paulo Cesar de Souza e Silva, Executive Vice President for Commercial Aviation. Source: Embraer, 02-Aug-2010.