SAO PAULO (Reuters) -Brazilian aircraft maker Embraer raised its projected adjusted earnings before interest and taxes (EBIT) margin for 2024 to between 9% and 10%, from 6.5%-7.5% previously, it said. on Friday in a regulatory filing, while also seeing a jump in third-quarter results.
In its updated guidance, the world's third-largest planemaker behind Airbus and Boeing (NYSE:) also raised its free cash flow guidance for this year to $300 million or more, from at least $220 million expected. previously.
The company lowered its forecast for commercial aircraft deliveries this year to between 70 and 73, from 72 to 80 previously estimated.
“We expect a positive reaction to the new guidance due to rising profitability and FCF,” JPMorgan analysts said in a report to clients.
Embraer said in a separate securities filing on Friday that its third-quarter adjusted dollar net profit jumped to $221 million, up from $32.9 million a year earlier.
The result was also much higher than the net profit of $74.8 million expected by analysts surveyed by LSEG.
Embraer said the adjusted net profit, much higher than expected, excluded one-off effects such as $50.8 million spent on deferred taxes and an $8.6 million loss in the results of its Eve unit.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose to $356.6 million from $149.3 million a year earlier, beating the $162 million expected by analysts.
Embraer's net income rose to $1.69 billion in the third quarter, from $1.28 billion a year earlier.
“There was strong performance from Defense and Security and Executive Aviation, with revenues up 65% year-on-year,” the company said.
($1 = 5.6923 reais)
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