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Embraer Releases Third Quarter 2009 Results in US GAAP

Posted on: Friday, 30 October 2009, 08:03 CDT

SAO JOSE DOS CAMPOS, Brazil, Oct. 30 /PRNewswire-FirstCall/ -- Embraer (BM&FBOVESPA: EMBR3; NYSE: ERJ), the world's leading manufacturer of commercial jets with up to 120 seats, recorded net sales of US$ 1,246.0 million in the third quarter of 2009 (3Q09), and net income of US$ 57.7 million, equivalent to basic and diluted earnings per ADS of US$ 0.3188.

In 3Q09, Embraer delivered 57 jets to the commercial aviation, executive aviation and defense segments, compared to 48 jet deliveries in the third quarter of 2008 (3Q08). The Company's firm order backlog on September 30, 2009, totaled US$ 18.6 billion.

Despite a higher number of deliveries, net revenues for 3Q09 totaled US$ 1,246.0 million, or a 19.4% decrease from the US$ 1,546.0 million in net revenues of 3Q08, basically due to 3Q09 product mix, that included 22 Phenom 100 jets delivered.

The gross margin for 3Q09 totaled 18.8% or a decrease over the 21.7% gross margin of 3Q08, mainly due to the product mix, and the reduction in revenues which caused a lower dilution of fixed costs.

Income from operations totaled US$ 68.0 million in 3Q09, a 32.3% decrease compared to US$ 100.5 million recorded for the same period of last year. The decrease is due to a lower gross profit in the quarter. The operating margin was 5.5% in 3Q09, or a decrease over the 6.5% operating margin for 3Q08. On an accumulated basis, the operating margin of 2009 is 7.0%, higher than 5.8% margin accumulated in 2008.

After a US$ 13.0 million income tax benefit, net income attributable to Embraer was US$ 57.7 million in 3Q09, a stable figure compared to the same number in 3Q08. The net margin was 4.6% in 3Q09 better than the 3.7% in 3Q08.

The Company's operating and financial information is presented, except where otherwise stated, on a consolidated basis in United States dollars (US$) in accordance with US GAAP. The financial data presented in this document as of and for the quarters ended September 30, 2008, June 30, 2009 and September 30, 2009, are derived from the unaudited financial statements, except where otherwise stated. In order to better understand the Company's operating performance, additional information is also presented at this release, in accordance with Brazilian Corporate Law ("Brazilian GAAP").

SOURCE Embraer

Source: PR Newswire

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