Embraer losses $ 104 million in Q1

Brazilian Embraer Aircraft Corporation delivered five commercial jets and nine business jets in the first quarter of 2020. The portfolio of firm contracts at the end of the first quarter of 2020 amounted to $ 15.9 billion, the press service of the company said.

The financial results for the 1st quarter of 2020 were influenced by factors that are associated with the impact of the coronavirus COVID-19, the company explained.

Thus, the net loss for the first quarter of 2020 and the loss per share were $ 292 million and $ 1.59, respectively. The adjusted net loss (excluding special items and deferred income tax and social security contributions) for the reporting period amounted to $ 104 million or $ 0.57 per share. Recall, the adjusted net loss of Embraer in the 1st quarter of 2019 was $ 61.8 million, and the adjusted loss per share was $ 0.34.

Embraer also reported free cash flow in the first quarter of $ 676.5 million, which roughly corresponds to free cash flow in the 1st quarter of 2019 ($ 665 million).

“Embraer’s liquidity remains stable as the company completed the quarter with a total cash amount of more than $ 2.5 billion. Total debt at the end of the first quarter of 2020 amounted to $ 3.832 billion, resulting in net debt of $ 1.311 billion against a net debt of $ 1.101 billion in Q1 2019 Embraer continues to evaluate the possibilities of obtaining additional financing to further improve its financial situation, ”said Embraer.

Graduated from Embry-Riddle Aviation University with a master's degree in aviation science. He began his career as an aviation researcher in local periodicals. Has a pilot license. Now are the author and developer of the Plane Worlds.