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Financial News: EMBRAER: Company Reverses Profit To Report R$ 40.1

EMBRAER: Company Reverses Profit To Report R$ 40.1 Million In Net Loss

05/01/2018 - 10:33:00 (RTTNews)

(RTTNews) - Brazilian aircraft manufacturer Embraer reported a net loss of R$ 40.1 million in the first quarter of 2018, reversing a profit of R$ 168.5 million in the same period of 2017. The loss was partially due to the weaker sales performance in the period. Nonetheless, the company reaffirmed its financial and delivery estimates for 2018.

Due to the shrinking in sales in the commercial and executive segment, the company's net revenue decreased by 1.3% in the quarter, totaling R$ 3.227 billion. Embraer's adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) in local currency fell 22.5%, to R$ 292.9 million.

In U.S. dollars, net loss totaled US$ 12.3 million, net revenue was US$ 992 million (-4.8%), and adjusted EBITDA dropped 25.8% to US$ 89.5 million. The results of the company's revenue and EBITDA in the U.S. currency were in line with Morgan Stanley's forecast.

Embraer said that the company and U.S. Boeing are still analyzing possibilities for the feasibility of a combination of their businesses, which may include the creation of other companies with joint participation in the commercial aviation area, while leaving aside other activities, notably related to the defense area and, possibly, also to the executive aviation area, which would remain exclusively with Embraer.

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