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Embraer ends year with solid final quarter

Embraer reported a net profit of USD122.7 million in 4Q2011, up 29.3% year-on-year, but this was not enough to prevent full-year net profit slipping 29%, to USD330 million. Commercial aircraft deliveries dropped 18% to 100 aircraft. Shares in the company slipped 6.4%. Embraer expects 2011 orders to continue to recover, but will not increase significantly until 2012.

Embraer financial highlights:

Three months ended 31-Dec-2010:

  • Revenue: USD1970 million, +20.9% year-on-year;
    • Commercial aviation: USD930.8 million, +29.3%;
    • Aviation services: USD153.5 million, -15.7%;
  • EBIT: USD132.4 million, +237.8%;
  • EBITDA: USD197.2 million, +88.0%;
  • Net profit: USD122.7 million, +29.3%;
  • Aircraft deliveries:
  • Commercial aviation: 30, +15.4%;

12 months ended 31-Dec-2010:

  • Revenue: USD5364 million, -2.4%;
  • Commercial aviation: USD2889 million, -14.6%;
  • Aviation services: USD563.8 million, -6.7%;
  • EBIT: USD391.7 million, +3.2%;
  • EBITDA: USD610.9 million, +0.4%;
  • Net profit: USD330.2 million, -29.0%;
  • Aircraft deliveries:
  • Commercial aviation: 100, -18%;

* 2011 forecast:

  • Revenue: USD5600 million;
  • Commercial aviation: USD3100 million;
  •  Aviation services and other business: USD700 million;
  • EBIT: USD420 million;
  • EBITDA: USD615 million.

Selected Aerospace daily share price movements (% change): 28-Mar-2011