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Embraer revenue down 11.5%, profits mixed in 4Q2009; sees "signs" of recovery

19-Mar-2010 11:15 AM

Embraer revenue down 11.5% - financial highlights:

  • Three months ended 31-Dec-2009:
    • Revenue: USD1,610 million, -11.5% year-on-year;
      • Commercial Aviation: USD701.0 million, -41.1%;
      • Aviation Services: USD181.1 +7.2%;
    • EBIT: USD65.8 million,-76.0%;
    • Net profit: USD146.4 million, +31.1%;
  • 12 months ended 31-Dec-2009:
    • Revenue: USD5,466 million, -13.7%;
      • Commercial Aviation: USD3,368 million, -20.5%;
      • Aviation Services: USD587.6 million, -2.5%;
    • EBIT: USD335.6 million, -37.5%;
    • Net profit: USD248.5 million, -69.7%;
    • Aircraft deliveries:
      • Commercial Aviation: 122, -24.7%;
    • Order Backlog:
    • Firm orders: 1,752;
    • Options: 722;
    • Total: 2,474;
    • Deliveries: 1,487;
    • Firm Backlog: 265;
  • 2010 Forecast:
    • Revenue: USD5,000 million;
      • Commercial Aviation: USD2,600 million. [more]

Embraer: “The global financial crisis that started in the last quarter of 2008, and basically continued through 2009, severely impacted global GDP and corporate results, which are the lead indicators for Commercial and Executive Aviations markets. The 4Q09, however, demonstrated signs that the world economy could be recovering. The traffic of passenger is returning, after several months, to levels prior to crisis, and the availability of executive jet in the secondary market is consistently and slowly reducing according to Jetnet data. In view of this scenario, Embraer expects an increase of orders in 2010, and the total number of orders shall surpass 2009 numbers. 2010 Net sales, as mentioned in October 2009, are expected to reach USD5 billion, from which Commercial Aviation shall contribute with USD2.6 billion. Executive Aviation Net sales are expected to total USD1.1 billion, Defense Net sales might reach USD650 million, and a remaining balance USD650 million shall come from Aviation Services and other business,” Company statement. Source: Embraer, 17-Mar-2010.