EMBRAER RELEASES THIRD QUARTER 2009 RESULTS IN US GAAP
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São José dos Campos, October 29, 2009 – 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 jet 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, an stable figure compared to the same number in 3Q08. The net
margin was 4.6% in 3Q09 better than the 3.7% in 3Q08.
THIRD QUARTER 2009 IN PERSPECTIVE
EMBRAER ACHIEVED 40-YEAR MILESTONE
Embraer celebrated a four-decade history in August 2009. Throughout this period, the Company designed more than 20 different aircraft models for the commercial, executive and defense markets. Since the Bandeirante, to the recent program for developing the KC-390 cargo and refueling plane, Embraer has delivered around 5,000 airplanes on five continents.
EMBRAER SERVICE CENTER IN EUROPE RECEIVED EASA CERTIFICATION FOR PHENOM 100 JET
Embraer Executive Jets Service Center in Le Bourget - France received, in July, the European Aviation Safety Agency (EASA) certification to perform maintenance services on the Phenom 100 jet.
EMBRAER DELIVERED FIRST EMBRAER JET TO MOZAMBIQUE’S LAM, BRITISH AIRWAYS AND LUFTHANSA CITYLINE
Embraer delivered the first EMBRAER 190 jet, in July, to Mozambique flag carrier LAM – Linhas Aéreas de Moçambique, the deal was announced in October 2008 and includes firm orders for two EMBRAER 190s, plus two purchase rights. In September, the first EMBRAER 170 jet was delivered to British Airways, the deal was announced in December 2008, and includes firm orders for six EMBRAER 170 and five EMBRAER 190 jets, plus options for another three airplanes of the same model. Also, in September the first EMBRAER 195 jet was delivered to Lufthansa, to be operated by Lufthansa CityLine, the wholly owned regional partner of the German carrier and one of the five partners in the Lufthansa Regional family.
EMBRAER DELIVERED 600th E-JET PRODUCED TO LOT POLISH AIRLINES
Embraer has reached a significant milestone in September, with the delivery of its 600th E-Jet – an EMBRAER 175 – to LOT Polish Airlines, in a ceremony held in Poland, just five years after the very first E-Jet was delivered, in March 2004.
FIRST EMBRAER 190 JET IS DELIVERED TO THE BRAZILIAN GOVERNMENT
Embraer officially delivered the first EMBRAER 190 jet to the Brazilian Government in September, in a ceremony held at the Brasília’s Air Force Base in Brazil’s capital. The aircraft is especially configured for missions involving the President of the Republic and will be operated by the Special Transportation Group (Grupo de Transporte Especial – GTE) of the Brazilian Air
Force (Força Aérea Brasileira – FAB).
EMBRAER WAS AWARDED THE MOST TRANSPARENT COMPANY IN 2009
Embraer received the 2009 Transparency Award in September, at the 13th Anefac – Fipecafi – Serasa Experian Awards. The ceremony was held in São Paulo, in public acknowledgement of the best financial statements published in Brazil in 2009. This recognition and also the award “Top 100 Best Company to Work 2009”, from Época Magazine, in partnership with Great Place
to Work Institute(GPTW); and “Top 150 Best Company to Work”, from Você S/A and Exame Magazines, also received in 3Q09, strongly demonstrate the Company’s commitment with its employees, shareholders and general society.
EMBRAER OFFERED A SERIES OF NOTES
Embraer has offered US$ 500 million in 10 year bonds through its subsidiary Embraer Overseas Ltd. The transaction was successfully priced on October 1st with a yield of 6.50% p.a., and the resources will allowed Embraer to extend the average maturity of its indebtedness.
