Embraer released its third quarter 2009 results reported under US GAAP. Net sales were $1.246 billion, a 19.4% decrease from the prior year, due to lower revenues from commercial aircraft deliveries. Net income was $57.7 million, stable compared to the prior year. Embraer delivered 57 jets in total during the quarter, including 29 commercial jets, 27 executive jets, and one defense jet. The order backlog remained strong at $18.6 billion.
Embraer released its second quarter 2009 results according to US GAAP. Net sales were US$1,456.6 million, a 10.9% decrease from the second quarter of 2008. Net income was US$67.8 million, compared to US$134.4 million in the second quarter of 2008. Embraer delivered 56 jets in the second quarter, including 35 commercial jets. The firm order backlog remained stable at US$19.8 billion despite difficult market conditions. Operating income increased to US$174.6 million due to productivity gains and cost controls.
- Embraer announced its first quarter 2005 results recorded in accordance with US GAAP.
- Net sales in the first quarter of 2005 were $763.3 million, a 21.9% increase over the same period last year.
- Net income for the first quarter was $96.5 million, a 6.6% decrease from the first quarter of 2004.
Embraer released its first quarter 2009 results according to US GAAP, reporting a net loss of $23.4 million compared to net income of $85 million in Q1 2008. Net sales decreased 13.6% to $1,154.1 million due to fewer aircraft deliveries. The operating margin fell to 2.4% from 3.6% in Q1 2008 due to lower revenues, costs from layoffs, and penalties from cancelled orders. Embraer revised its full-year guidance downward due to the economic downturn's effects on the aviation industry.
Embraer announced its third quarter 2004 results reported in US GAAP. Net sales reached a historical high of $936.5 million, up 113.5% from the prior year. Net income was $113.7 million, up 487.6% from the prior year. A total of 40 jet aircraft were delivered during the quarter. Embraer revised its total deliveries forecast for 2004 and 2005 from 160 and 170 aircraft respectively to 145 deliveries for each year. The order backlog totaled $29.5 billion including $11 billion in firm orders and $18.5 billion in options.
- Embraer announced its second quarter 2004 results reported under US GAAP, registering record net sales of $924.3 million and net income of $80.2 million.
- Key highlights included the highest quarterly net sales in the company's history, driven by a 63% increase in commercial aviation sales and growth across all business segments.
- Net income increased almost 17 times over the prior year period due to higher sales and a $10 million gain on derivative instruments, though gross margins declined slightly from aircraft mix changes.
- The company exited the quarter with a record backlog of $28.3 billion and a net cash position of $303.9 million.
Embraer delivered a record 91 aircraft in the 4th quarter of 2009, surpassing its delivery guidance for the full year. Revenue for 2009 met guidance and was $5.47 billion. EBIT margin was 6.1% for 2009, impacted by a $103 million provision related to a customer bankruptcy, but would have been 8% otherwise. Cash generation was strong in the 4th quarter, resulting in $382.6 million in free cash flow for the quarter and ending 2009 with a net cash position of $503.3 million.
Embraer announced its third quarter 2005 results reported in US GAAP. Net sales were $1,064.3 million and net income was $110.2 million. Key highlights included the certification of the EMBRAER 170/175 and delivery of the first EMBRAER 175 and 190 aircraft. Gross margin decreased to 28.1% due to currency appreciation and learning curve costs for new models. Net cash position improved to $97 million due to lower inventory and receivables.
Embraer reported financial results for the first quarter of 2008 in accordance with US GAAP. Net sales were $1.335.9 million and net income was $85.0 million, with diluted earnings per ADS of $0.4633. The firm order backlog increased 8.0% over the previous quarter to a record high of $20.3 billion. Embraer delivered 45 jets total. Net revenues increased 60.6% over first quarter 2007 due to increased deliveries and product mix. Gross margin decreased to 20.4% from 22.5% in first quarter 2007 mainly due to exchange rate impact and contractual supplier cost adjustments. Income from operations was $48.7 million with an operating
Embraer released its second quarter 2009 results according to US GAAP. Net sales were US$1,456.6 million, a 10.9% decrease from the second quarter of 2008. Net income was US$67.8 million, compared to US$134.4 million in the second quarter of 2008. Embraer delivered 56 jets in the second quarter, including 35 commercial jets. The firm order backlog remained stable at US$19.8 billion despite difficult market conditions. Operating income increased to US$174.6 million due to productivity gains and cost controls.
- Embraer announced its first quarter 2005 results recorded in accordance with US GAAP.
- Net sales in the first quarter of 2005 were $763.3 million, a 21.9% increase over the same period last year.
- Net income for the first quarter was $96.5 million, a 6.6% decrease from the first quarter of 2004.
Embraer released its first quarter 2009 results according to US GAAP, reporting a net loss of $23.4 million compared to net income of $85 million in Q1 2008. Net sales decreased 13.6% to $1,154.1 million due to fewer aircraft deliveries. The operating margin fell to 2.4% from 3.6% in Q1 2008 due to lower revenues, costs from layoffs, and penalties from cancelled orders. Embraer revised its full-year guidance downward due to the economic downturn's effects on the aviation industry.
Embraer announced its third quarter 2004 results reported in US GAAP. Net sales reached a historical high of $936.5 million, up 113.5% from the prior year. Net income was $113.7 million, up 487.6% from the prior year. A total of 40 jet aircraft were delivered during the quarter. Embraer revised its total deliveries forecast for 2004 and 2005 from 160 and 170 aircraft respectively to 145 deliveries for each year. The order backlog totaled $29.5 billion including $11 billion in firm orders and $18.5 billion in options.
- Embraer announced its second quarter 2004 results reported under US GAAP, registering record net sales of $924.3 million and net income of $80.2 million.
- Key highlights included the highest quarterly net sales in the company's history, driven by a 63% increase in commercial aviation sales and growth across all business segments.
- Net income increased almost 17 times over the prior year period due to higher sales and a $10 million gain on derivative instruments, though gross margins declined slightly from aircraft mix changes.
- The company exited the quarter with a record backlog of $28.3 billion and a net cash position of $303.9 million.
Embraer delivered a record 91 aircraft in the 4th quarter of 2009, surpassing its delivery guidance for the full year. Revenue for 2009 met guidance and was $5.47 billion. EBIT margin was 6.1% for 2009, impacted by a $103 million provision related to a customer bankruptcy, but would have been 8% otherwise. Cash generation was strong in the 4th quarter, resulting in $382.6 million in free cash flow for the quarter and ending 2009 with a net cash position of $503.3 million.
Embraer announced its third quarter 2005 results reported in US GAAP. Net sales were $1,064.3 million and net income was $110.2 million. Key highlights included the certification of the EMBRAER 170/175 and delivery of the first EMBRAER 175 and 190 aircraft. Gross margin decreased to 28.1% due to currency appreciation and learning curve costs for new models. Net cash position improved to $97 million due to lower inventory and receivables.
Embraer reported financial results for the first quarter of 2008 in accordance with US GAAP. Net sales were $1.335.9 million and net income was $85.0 million, with diluted earnings per ADS of $0.4633. The firm order backlog increased 8.0% over the previous quarter to a record high of $20.3 billion. Embraer delivered 45 jets total. Net revenues increased 60.6% over first quarter 2007 due to increased deliveries and product mix. Gross margin decreased to 20.4% from 22.5% in first quarter 2007 mainly due to exchange rate impact and contractual supplier cost adjustments. Income from operations was $48.7 million with an operating
Goodrich Corporation provided an overview of its 2008 financial results and 2009 outlook. Key points include:
1) Aftermarket sales represented 45% of total 2008 sales of $7.062 billion and are expected to be flat in 2009.
2) Commercial OE sales, which made up 34% of 2008 sales, are forecast to grow 3-5% in 2009, slower than the 7% growth in 2008.
3) Defense and space sales, which accounted for 25% of 2008 sales, are estimated to increase 5% in 2009, similar to the 11% growth in 2008.
4) EPS in 2009 is projected to decline 8-16% from $5.33 in 2008 to
Embraer announced its third quarter 2006 results according to US GAAP. Net sales totaled $894.1 million and net income was $61.4 million. 30 aircraft were delivered in Q3, down from 41 in the prior year. Revenue and profit declined due to lower deliveries and higher R&D expenses. The firm order backlog reached a record $13.3 billion. Embraer revised its 2006 delivery forecast to 135 aircraft due to production issues but expects to deliver at least 160 aircraft in 2007.
Embraer announced its third quarter 2003 results, reporting net sales of $438.6 million and net income of $19.3 million, down from $580.6 million and $40.6 million respectively in the third quarter of 2002. Key highlights included the delivery of 20 jets, three new sales contracts signed, and continued progress on aircraft programs. The company also provided income statement details and breakdown of sales by market segment.
Embraer announced its first quarter 2004 results reported in accordance with US GAAP. Net sales were $626.2 million, a 28.1% increase over 1Q03. Net income was $103.3 million, a 135.1% increase over 1Q03. Operating income was $153 million due to recognition of $88.7 million in payments from risk sharing partners. The order backlog totaled $28.6 billion as of March 31, 2004.
Embraer released its first quarter 2010 results according to US GAAP standards. Key highlights included:
- Jet deliveries totaled 41 aircraft, including 21 commercial jets.
- Backlog remained strong at $16 billion, over 3 times annual revenue.
- Net sales were $990 million with gross margin improved to 21.7% from 18.2% in Q1 2009.
- EBIT and EBITDA margins were 5.8% and 8.1% respectively, in line with guidance.
- Net income was $35.3 million compared to a $23.4 million loss in Q1 2009.
- Goodrich is one of the largest aerospace suppliers worldwide with over $4B in annual sales and a broad portfolio of products.
- In 2003, Goodrich saw 6% growth in cash flow from operations but sales were flat, with EPS of $0.93.
- For 2004, Goodrich expects low single-digit sales growth and EPS of $1.20-$1.35, driven by recovery in the commercial aerospace market and growth in military and regional jet sales.
The document reports on Honeywell's financial results for the first quarter of 2009. Key points include:
- Sales were $7.6 billion, with earnings per share of $0.54 and free cash flow of $232 million.
- Results were in line with expectations given tougher market conditions. The outlook for 2009 EPS is $2.85 to $3.20.
- Cost reduction efforts including repositioning projects benefited results amid challenging markets across many segments.
Embraer released its third quarter 2010 results according to US GAAP standards. Key highlights include:
- Net sales of $1.042 billion for the quarter from 44 jet deliveries. Gross margin was 22.1% due to productivity gains.
- EBIT margin was 6.0% for the quarter and 7.3% year-to-date, above guidance. Net income was $98.5 million for the quarter.
- Firm order backlog remained stable at $15.3 billion. Net cash position was $623.8 million for the quarter. Guidance for 2010 was revised upward.
The document provides an overview of Goodrich Corporation and its outlook for 2005. It discusses Goodrich's leadership positions in key aerospace markets, balanced business mix across military, commercial original equipment and aftermarket channels, and expectations for low single-digit growth in military/space and around 12% and 5% growth respectively in commercial OE production and the commercial aftermarket. It also contrasts the current commercial aerospace cycle with the prior cycle, noting a more measured growth rate for OE production and a significantly larger fleet to fuel aftermarket strength.
Embraer has a diverse shareholder base with its shares traded on the Bovespa and NYSE. It aims to have good corporate governance with transparency, accountability and responsibility. Its board of directors has 11 members including government and employee representatives. It has overhauled its capital structure and accounting practices to increase flexibility and comply with new standards. It provides regular financial reports and forecasts continued growth in jet deliveries and revenues.
The Sensex, a key Indian stock market index, lost 253 points (1.84%) and closed at 13,504 points on July 10, 2009. Heavyweights like Reliance Industries fell sharply, down over 4%. Most sectoral indices declined, with energy, power and capital goods losing the most. Foreign funds were net sellers, shedding $59.6 million. Other Asian and European markets also closed lower.
Embraer achieved record production of regional jets, delivering 34 models in the quarter. This led to gross sales of over R$1 billion and net income growth over 500%. Key contracts with American and European airlines expanded orders for Embraer's regional jet models. Research and development made progress on new aircraft, while market share and profitability grew substantially in the commercial aviation and defense sectors.
This document provides highlights about an aircraft manufacturing company. It was established in 1969 and privatized in 1994, listing on the USA stock exchange in 2000. It has a global footprint with operations across Brazil, USA, Europe and Asia. It has a diversified customer base across commercial, executive and defense aviation segments. In 2009, it delivered 244 aircraft with net revenue of $5.47 billion and a firm order backlog of $3.8 billion. It has a portfolio of commercial and executive jet aircraft with seating capacities ranging from 37 to 122 seats.
2006* ApresentaçãO Sobre AviaçãO Executiva Em Ny Somente Em InglesEmbraer RI
The document discusses the opening bell ceremony at the New York Stock Exchange on September 5th, 2006, where Luis Carlos Affonso, Executive Vice President of Executive Jets, was a guest. It then provides forward-looking statements and associated risks, an overview of the size and growth projections of the business aviation market, key demand drivers for that market, how "premium" customers remain underserved, issues with delays in airline travel, and how the industry is evolving business models to address these issues.
Embraer announced its second quarter 2005 results reported under US GAAP. Net sales were $812.4 million, down 12% from the prior year due to fewer aircraft deliveries. However, net income increased to $83 million compared to $80.2 million in the prior year. Embraer's order backlog grew to $10.9 billion. While gross margins declined slightly to 31.4% due to currency impacts, net margins improved to 10.2% compared to 8.7% in the prior year.
This document provides a summary of Embraer's corporate and business strategy, product strategy, financial performance, and market outlook. The key points are:
1) Embraer's strategy focuses on organic growth, margin enhancement, business diversification, and establishing itself as Brazil's defense leader.
2) In 2015, Embraer's order backlog was $22.5 billion, with 95-100 E-Jet deliveries expected.
3) Embraer forecasts 6,350 new 70-130 seat jet deliveries globally between 2015-2034 worth $300 billion.
- Embraer reported second quarter 2008 net sales of $1.635 billion and net income of $134.4 million.
- Gross margin increased to 21.9% in Q2 2008 from 21.5% in Q2 2007 due to higher deliveries and productivity gains.
- Income from operations reached $113.2 million in Q2 2008, up significantly from $31.2 million in Q2 2007. Operating margin was 6.9% in Q2 2008.
- Net income totaled $134.4 million in Q2 2008, compared to $67.3 million in Q2 2007, with net margin increasing to 8.2% from 6.1%.
Embraer announced its second quarter 2006 results according to US GAAP. Net sales were $1,020.9 million and net income was $139.1 million, up 25.6% and 67.4% respectively from the second quarter of 2005. A total of 36 aircraft were delivered. Notable events in the quarter included listing shares on the Novo Mercado of Bovespa and NYSE, an agreement with Kawasaki to assemble E-Jet wings, and certification of the E195 airliner. The firm order backlog remained stable at $10.2 billion including over $1 billion for executive jets, demonstrating continued strong market acceptance.
Embraer announced its second quarter 2006 results according to US GAAP. Net sales were $1,020.9 million and net income was $139.1 million, up 25.6% and 67.4% respectively from the second quarter of 2005. A total of 36 aircraft were delivered. Notable events in the quarter included listing shares on the Novo Mercado of Bovespa and NYSE, an agreement with Kawasaki to assemble E-Jet wings, and certification of the E195 airliner. The firm order backlog remained stable at $10.2 billion including over $1 billion for executive jets, demonstrating continued strong market acceptance.
Embraer announced its third quarter 2007 results according to US GAAP. Net sales increased 62.9% to $1.428 billion due to higher aircraft deliveries. Net income was $194.9 million, up from $61.3 million in the third quarter of 2006. Operating income was $230.3 million compared to $52.4 million in the prior year period. Embraer delivered 47 jets in total during the quarter and maintained its delivery forecast of 165-170 aircraft for 2007. The company also continued development of new programs including the Phenom 100 and 300 jets.
Embraer announced its first quarter 2006 results according to US GAAP. Net sales increased 5.9% to $808.3 million while net income decreased 32.5% to $65.3 million. Operating margin declined to 4.5% from 16.3% due to lower gross margin and higher operating expenses driven by investments in new products and appreciation of the Brazilian real against the dollar. The firm order backlog totaled $10.4 billion and Embraer had a net cash position of $302.5 million.
The document provides financial and operational results for Embraer for the third quarter and first nine months of 2000. Some key points:
- Net income for the third quarter was R$398.6 million, 114.5% higher than the same period in 1999. Net sales for the first nine months reached a record US$2 billion.
- Order backlog at the end of the third quarter was R$42.3 billion, with R$20.2 billion in firm orders.
- Embraer launched its new Legacy jet and signed contracts worth US$4.3 billion at the Farnborough Air Show in July.
- Production increases drove a 49.4% rise
Goodrich Corporation provided an overview of its 2008 financial results and 2009 outlook. Key points include:
1) Aftermarket sales represented 45% of total 2008 sales of $7.062 billion and are expected to be flat in 2009.
2) Commercial OE sales, which made up 34% of 2008 sales, are forecast to grow 3-5% in 2009, slower than the 7% growth in 2008.
3) Defense and space sales, which accounted for 25% of 2008 sales, are estimated to increase 5% in 2009, similar to the 11% growth in 2008.
4) EPS in 2009 is projected to decline 8-16% from $5.33 in 2008 to
Embraer announced its third quarter 2006 results according to US GAAP. Net sales totaled $894.1 million and net income was $61.4 million. 30 aircraft were delivered in Q3, down from 41 in the prior year. Revenue and profit declined due to lower deliveries and higher R&D expenses. The firm order backlog reached a record $13.3 billion. Embraer revised its 2006 delivery forecast to 135 aircraft due to production issues but expects to deliver at least 160 aircraft in 2007.
Embraer announced its third quarter 2003 results, reporting net sales of $438.6 million and net income of $19.3 million, down from $580.6 million and $40.6 million respectively in the third quarter of 2002. Key highlights included the delivery of 20 jets, three new sales contracts signed, and continued progress on aircraft programs. The company also provided income statement details and breakdown of sales by market segment.
Embraer announced its first quarter 2004 results reported in accordance with US GAAP. Net sales were $626.2 million, a 28.1% increase over 1Q03. Net income was $103.3 million, a 135.1% increase over 1Q03. Operating income was $153 million due to recognition of $88.7 million in payments from risk sharing partners. The order backlog totaled $28.6 billion as of March 31, 2004.
Embraer released its first quarter 2010 results according to US GAAP standards. Key highlights included:
- Jet deliveries totaled 41 aircraft, including 21 commercial jets.
- Backlog remained strong at $16 billion, over 3 times annual revenue.
- Net sales were $990 million with gross margin improved to 21.7% from 18.2% in Q1 2009.
- EBIT and EBITDA margins were 5.8% and 8.1% respectively, in line with guidance.
- Net income was $35.3 million compared to a $23.4 million loss in Q1 2009.
- Goodrich is one of the largest aerospace suppliers worldwide with over $4B in annual sales and a broad portfolio of products.
- In 2003, Goodrich saw 6% growth in cash flow from operations but sales were flat, with EPS of $0.93.
- For 2004, Goodrich expects low single-digit sales growth and EPS of $1.20-$1.35, driven by recovery in the commercial aerospace market and growth in military and regional jet sales.
The document reports on Honeywell's financial results for the first quarter of 2009. Key points include:
- Sales were $7.6 billion, with earnings per share of $0.54 and free cash flow of $232 million.
- Results were in line with expectations given tougher market conditions. The outlook for 2009 EPS is $2.85 to $3.20.
- Cost reduction efforts including repositioning projects benefited results amid challenging markets across many segments.
Embraer released its third quarter 2010 results according to US GAAP standards. Key highlights include:
- Net sales of $1.042 billion for the quarter from 44 jet deliveries. Gross margin was 22.1% due to productivity gains.
- EBIT margin was 6.0% for the quarter and 7.3% year-to-date, above guidance. Net income was $98.5 million for the quarter.
- Firm order backlog remained stable at $15.3 billion. Net cash position was $623.8 million for the quarter. Guidance for 2010 was revised upward.
The document provides an overview of Goodrich Corporation and its outlook for 2005. It discusses Goodrich's leadership positions in key aerospace markets, balanced business mix across military, commercial original equipment and aftermarket channels, and expectations for low single-digit growth in military/space and around 12% and 5% growth respectively in commercial OE production and the commercial aftermarket. It also contrasts the current commercial aerospace cycle with the prior cycle, noting a more measured growth rate for OE production and a significantly larger fleet to fuel aftermarket strength.
Embraer has a diverse shareholder base with its shares traded on the Bovespa and NYSE. It aims to have good corporate governance with transparency, accountability and responsibility. Its board of directors has 11 members including government and employee representatives. It has overhauled its capital structure and accounting practices to increase flexibility and comply with new standards. It provides regular financial reports and forecasts continued growth in jet deliveries and revenues.
The Sensex, a key Indian stock market index, lost 253 points (1.84%) and closed at 13,504 points on July 10, 2009. Heavyweights like Reliance Industries fell sharply, down over 4%. Most sectoral indices declined, with energy, power and capital goods losing the most. Foreign funds were net sellers, shedding $59.6 million. Other Asian and European markets also closed lower.
Embraer achieved record production of regional jets, delivering 34 models in the quarter. This led to gross sales of over R$1 billion and net income growth over 500%. Key contracts with American and European airlines expanded orders for Embraer's regional jet models. Research and development made progress on new aircraft, while market share and profitability grew substantially in the commercial aviation and defense sectors.
This document provides highlights about an aircraft manufacturing company. It was established in 1969 and privatized in 1994, listing on the USA stock exchange in 2000. It has a global footprint with operations across Brazil, USA, Europe and Asia. It has a diversified customer base across commercial, executive and defense aviation segments. In 2009, it delivered 244 aircraft with net revenue of $5.47 billion and a firm order backlog of $3.8 billion. It has a portfolio of commercial and executive jet aircraft with seating capacities ranging from 37 to 122 seats.
2006* ApresentaçãO Sobre AviaçãO Executiva Em Ny Somente Em InglesEmbraer RI
The document discusses the opening bell ceremony at the New York Stock Exchange on September 5th, 2006, where Luis Carlos Affonso, Executive Vice President of Executive Jets, was a guest. It then provides forward-looking statements and associated risks, an overview of the size and growth projections of the business aviation market, key demand drivers for that market, how "premium" customers remain underserved, issues with delays in airline travel, and how the industry is evolving business models to address these issues.
Embraer announced its second quarter 2005 results reported under US GAAP. Net sales were $812.4 million, down 12% from the prior year due to fewer aircraft deliveries. However, net income increased to $83 million compared to $80.2 million in the prior year. Embraer's order backlog grew to $10.9 billion. While gross margins declined slightly to 31.4% due to currency impacts, net margins improved to 10.2% compared to 8.7% in the prior year.
This document provides a summary of Embraer's corporate and business strategy, product strategy, financial performance, and market outlook. The key points are:
1) Embraer's strategy focuses on organic growth, margin enhancement, business diversification, and establishing itself as Brazil's defense leader.
2) In 2015, Embraer's order backlog was $22.5 billion, with 95-100 E-Jet deliveries expected.
3) Embraer forecasts 6,350 new 70-130 seat jet deliveries globally between 2015-2034 worth $300 billion.
- Embraer reported second quarter 2008 net sales of $1.635 billion and net income of $134.4 million.
- Gross margin increased to 21.9% in Q2 2008 from 21.5% in Q2 2007 due to higher deliveries and productivity gains.
- Income from operations reached $113.2 million in Q2 2008, up significantly from $31.2 million in Q2 2007. Operating margin was 6.9% in Q2 2008.
- Net income totaled $134.4 million in Q2 2008, compared to $67.3 million in Q2 2007, with net margin increasing to 8.2% from 6.1%.
Embraer announced its second quarter 2006 results according to US GAAP. Net sales were $1,020.9 million and net income was $139.1 million, up 25.6% and 67.4% respectively from the second quarter of 2005. A total of 36 aircraft were delivered. Notable events in the quarter included listing shares on the Novo Mercado of Bovespa and NYSE, an agreement with Kawasaki to assemble E-Jet wings, and certification of the E195 airliner. The firm order backlog remained stable at $10.2 billion including over $1 billion for executive jets, demonstrating continued strong market acceptance.
Embraer announced its second quarter 2006 results according to US GAAP. Net sales were $1,020.9 million and net income was $139.1 million, up 25.6% and 67.4% respectively from the second quarter of 2005. A total of 36 aircraft were delivered. Notable events in the quarter included listing shares on the Novo Mercado of Bovespa and NYSE, an agreement with Kawasaki to assemble E-Jet wings, and certification of the E195 airliner. The firm order backlog remained stable at $10.2 billion including over $1 billion for executive jets, demonstrating continued strong market acceptance.
Embraer announced its third quarter 2007 results according to US GAAP. Net sales increased 62.9% to $1.428 billion due to higher aircraft deliveries. Net income was $194.9 million, up from $61.3 million in the third quarter of 2006. Operating income was $230.3 million compared to $52.4 million in the prior year period. Embraer delivered 47 jets in total during the quarter and maintained its delivery forecast of 165-170 aircraft for 2007. The company also continued development of new programs including the Phenom 100 and 300 jets.
Embraer announced its first quarter 2006 results according to US GAAP. Net sales increased 5.9% to $808.3 million while net income decreased 32.5% to $65.3 million. Operating margin declined to 4.5% from 16.3% due to lower gross margin and higher operating expenses driven by investments in new products and appreciation of the Brazilian real against the dollar. The firm order backlog totaled $10.4 billion and Embraer had a net cash position of $302.5 million.
The document provides financial and operational results for Embraer for the third quarter and first nine months of 2000. Some key points:
- Net income for the third quarter was R$398.6 million, 114.5% higher than the same period in 1999. Net sales for the first nine months reached a record US$2 billion.
- Order backlog at the end of the third quarter was R$42.3 billion, with R$20.2 billion in firm orders.
- Embraer launched its new Legacy jet and signed contracts worth US$4.3 billion at the Farnborough Air Show in July.
- Production increases drove a 49.4% rise
Embraer reported financial results for the third quarter of 2002 in US GAAP. Net sales for Q3 2002 were $580.6 million, a 1.5% decrease from Q2 2002. EBITDA for Q3 2002 was $125.2 million, a 6.6% decrease from Q2 2002. Net income for Q3 2002 was $40.6 million, equivalent to diluted earnings per ADS of $0.2340. The order backlog totaled $22.6 billion, including $9.6 billion in firm orders and $13.0 billion in options.
Embraer released its second quarter 2010 results according to US GAAP standards. Key highlights include:
1) Embraer delivered 69 aircraft in Q2 2010 and net sales reached $1.35 billion for the period.
2) EBIT margin was 9.3% and EBITDA margin was 10.2%, surpassing guidance.
3) Positive operating cash generation of $236.4 million in Q2 2010 increased Embraer's net cash position to $658.7 million.
Embraer reported strong financial results for the second quarter and first half of 2000. Net income increased 113.1% for the first half compared to 1999, reaching R$210.4 million. Net sales increased 62.3% for the first half, totaling R$2,219.9 million. Embraer delivered 72 aircraft in the first half, a significant increase from 38 in the same period of 1999. The company also reduced its net debt and continued investing in research and development programs as well as industrial capabilities.
Embraer reported third quarter 2008 results with net sales of $1.546 billion and net income of $57.7 million. The company delivered 48 aircraft in the quarter. Embraer's order backlog reached a record high of $21.6 billion. While revenues increased 8.2% compared to third quarter 2007, net income decreased due to currency impacts. Embraer maintained a net cash position of $491.9 million at the end of the quarter.
Embraer reported financial results for the fourth quarter and full year of 2008. Net sales in the fourth quarter were $1.8 billion and $6.3 billion for the full year. Net income for the fourth quarter was $111.7 million and $388.7 million for the full year. Embraer delivered 59 jets in the fourth quarter and a record 204 jets for the full year. Firm order backlog decreased to $20.9 billion due to the economic downturn. Embraer continued expanding its customer base and delivered several first E-Jets to new customers in the fourth quarter.
Embraer released its 4th quarter and fiscal year 2011 results. Key highlights include:
- Deliveries of 32 commercial and 50 executive aircraft in Q4 2011, totaling 105 commercial and 99 executive aircraft for 2011.
- 2011 revenues totaled $5.8 billion, in line with guidance. Operating performance was strong but provisions related to American Airlines reduced the EBIT margin to 5.5% versus a potential 8.7%.
- Positive operating cash generation of $178.7 million in Q4 2011 increased Embraer's net cash position to $445.7 million at the end of 2011.
- Net loss attributable to shareholders was $91.8 million in Q4
1) Embraer reported net sales of R$1,990.1 million in the third quarter of 2001, a 28.4% increase from the third quarter of 2000. Net income was R$177.7 million.
2) For the first nine months of 2001, Embraer reported net sales of R$5,631.8 million, a 36.2% increase from the same period in 2000. Net income was R$522.9 million.
3) In the third quarter, Embraer delivered 42 aircraft, including 38 for the regional market and 3 for the corporate market.
Embraer reported financial results for the second quarter and first six months of 2001. Net income increased 164.8% for the first six months compared to the same period in 2000. Net sales increased 61.5% for the second quarter and 55.1% for the first six months, driven by increased deliveries of regional jets. Gross margin improved to 45.3% for the second quarter due to productivity gains and currency fluctuations. EBITDA more than doubled for both the second quarter and first six months, demonstrating strong cash generation.
Embraer reported financial results for the first quarter of 2002 with net sales of $557.3 million, gross margin of 39.9%, income before taxes of $97.3 million, and net income of $67.7 million. Net sales decreased 25% compared to the first quarter of 2001 due to a reduction in aircraft deliveries. Research and development expenses increased to $41.2 million as development continued on the EMBRAER 170 and 190 jet families. Overall, the results reflected lower aircraft deliveries and higher R&D costs, though gross margin increased compared to the prior year.
Embraer met or surpassed its guidance for 2010, delivering 101 commercial and 145 executive aircraft. Net sales totaled $5.4 billion, higher than guidance. The 4th quarter EBIT margin was 6.7% and the 2010 EBIT margin was 7.3%, in line with guidance. Positive cash generation in the 4th quarter increased Embraer's net cash position to $691.8 million. For 2011, Embraer expects net sales of $5.6 billion and an EBIT margin of 7.5%.
Arch Capital Group Ltd. reported financial results for the first quarter of 2009. Net income was $139.9 million compared to $189.4 million in the first quarter of 2008. After-tax operating income was $169 million compared to $202 million the prior year. The combined ratio, a measure of underwriting profitability, was 86.7% for the first quarter of 2009 compared to 86.2% the previous year. Investment income was $95.9 million for the quarter compared to $122.2 million in the first quarter of 2008. Book value per common share increased to $54.61 at the end of March 2009.
Embraer announced its first quarter 2007 results according to US GAAP. Net sales increased 4.3% to US$843.4 million due to product mix, despite a 7.4% decrease in aircraft deliveries to 25 jets. Net income was US$26.2 million, down from US$65.3 million in the first quarter of 2006, due to a lower gross margin of 25.7% impacted by hiring and training of 2,000 employees and non-recurring inventory adjustments, as well as higher operating expenses. Embraer took actions to address supply chain issues and increase production capabilities to achieve its 2007 delivery target of 165-170 aircraft.
Embraer reported financial results for the first quarter of 2001, with net income up 124.2% over the same period in 2000. Net sales increased 47.7% to R$1,524.9 million due to higher production and delivery rates of 42 aircraft as well as currency appreciation. Operating margin improved to 27.6% from improved gross margin of 39.5% compared to 29.1% previously. EBITDA more than doubled to R$465.3 million, up 121% over the first quarter of 2000, demonstrating strong cash generation. The financial report provided details on key financial indicators and performance metrics to analyze Embraer's results.
Embraer released its third quarter 2011 results. Revenue reached $1.36 billion and gross margin was 21.2%. EBIT was $124.2 million and the EBIT margin was 9.1%, above guidance. The order backlog increased to $16 billion due to sales in executive aviation. Net income was $1.9 million primarily due to deferred taxes from currency appreciation. Guidance for 2011 revenue was revised to $5.6-5.8 billion and EBIT and EBITDA guidance remained unchanged at $465 million and $700 million, respectively.
5.0 embraer day ny march2016 defense r.15Embraer RI
This document provides an overview of Embraer's Defense & Security Aviation division, including highlights from 2015 and information on major programs. It discusses the KC-390 flight test campaign progress, financial results, key defense programs like the Gripen NG and Brazilian satellite, and international exposure through contracts in countries like the UK. The document outlines revenue, backlog, impacts from currency fluctuations, and expansion of service and support activities. It presents Embraer as offering an integrated portfolio of solutions including aircraft, satellites, radar, and mission systems.
4.0 embraer day br 2016 commercial aviation rev7Embraer RI
This document provides an overview and highlights of Embraer, a Brazilian aerospace company, and its E-Jets aircraft family. Some key points:
- Embraer had record backlog and deliveries in 2015 and received 176 new orders. The E2 series is in development.
- Financial results have been strong with rising revenues and deliveries between 2009-2015.
- The E-Jets have captured over half of the market share and outsold competitors, with over 1,200 delivered to 70 airlines in 50 countries.
- The E2 series is expected to provide fuel burn reductions of 16-24% per seat compared to previous models.
Embraer provides an overview of its executive jet business. It has experienced healthy business growth with a CAGR of 21% from 2002-2015. It now has a global footprint with over 975 jets delivered to over 60 countries. The document discusses Embraer's product portfolio and the market for executive jets, forecasting strong future growth in the small and medium jet segments. It highlights key achievements and models in Embraer's line-up, including high delivery and sales numbers for the Phenom 100E, Phenom 300, Legacy 450/500, and Lineage 1000E.
The document outlines the agenda for Embraer Day 2016 in Brazil, including presentations on 2015 results and 2016 guidance, commercial and executive aviation, defense and security, and Q&A sessions. Presenters include the Director of Investor Relations, President & CEO, Executive Vice President & CFO, and presidents of the commercial aviation, executive jets, and defense and security divisions. A cocktail reception follows from 5-7pm at the hotel.
This document provides an earnings results presentation for Embraer for 4Q15 and FY2015. It summarizes key financial highlights including a backlog of $22.5 billion, free cash flow generation of $178 million, and net revenues of $5.93 billion. It also outlines deliveries, financial results, segment performance, expenses, cash flow, debt profile, and the 2016 outlook with projected net revenues of $6-6.4 billion and EBITDA of $800-870 million.
The document provides an overview of Embraer's defense and security division, including its products and programs. Key points discussed include the KC-390 transport aircraft program, sales of the Super Tucano aircraft, and efforts to adjust programs in response to budget cuts from the Brazilian government. The document outlines Embraer's focus on finalizing KC-390 development, improving efficiency, boosting international sales, and adapting to the Brazilian budget situation.
This document provides an overview of the business jet market and Embraer's position within it. It discusses factors influencing the market recovery, including corporate profits, wealth levels, and used aircraft prices. Forecasts indicate slow but steady growth over the next decade. Embraer aims to strengthen its presence in light and midsize categories with new models and upgrades. Services are expanding with a new service center in São Paulo.
This document provides an overview of Embraer's corporate and business strategy, financial performance, product portfolio, and market outlook. Key points include organic growth and margin enhancement through new product lines; diversifying revenues and expanding customer base; improving market share and margins through product focus and customer support. Charts show growing order backlog, revenues, and aircraft deliveries as well as market forecasts through 2034 for 70-130 seat aircraft demand.
This document provides an overview of Embraer's corporate and business strategy, financial performance, commercial and executive jet portfolios and market outlook. The key points are:
- Organic growth, margin enhancement, business diversification and product strategy are priorities.
- Firm order backlog was $22.1 billion in 3Q15 with planned commercial jet deliveries of 95-100 E-Jets.
- Net revenues for 2015 are forecasted between $5.8-6.3 billion.
- The E-Jets family dominates the 70-130 seat market with over 1,600 orders and Embraer aims to establish the E2 as the most efficient aircraft in its class.
5 embraer day 2015 vae bf-final_v2_sc_siteEmbraer RI
This document summarizes Embraer's comprehensive product portfolio and strong growth over the past decade. Some key points include:
- Embraer has experienced 20% compound annual growth rate (CAGR) since 2002 and has grown its market share from 2.7% to 16.5% for executive aviation deliveries.
- It has a global footprint with over 70 service centers worldwide supporting more than 900 aircraft in 60 countries.
- Embraer consistently ranks highly in worldwide customer support and satisfaction surveys.
This document provides an overview of Embraer's corporate and business strategy, financial performance, commercial jet programs, and market outlook. Key points include growing revenues through new product launches like the E2 family, expanding the customer base globally, and forecasting strong demand in the commercial and executive jet markets with over 9,000 jet deliveries projected from 2015-2024.
This document contains Embraer's earnings results for the 3rd quarter of 2015. It highlights strong order backlog and aircraft deliveries. Net revenues increased compared to the same period last year. Income from operations and EBITDA margins were in line with expectations. However, net income was negative due to currency fluctuations. Research, development and capital expenditures remained on track with annual targets.
This document summarizes Embraer's business growth and global expansion over the past decade. Some key points include:
- Embraer has experienced 20% compound annual growth rate (CAGR) since 2002, increasing its market share of deliveries from 2.7% to 16.5%.
- It has a global footprint with 74 service centers worldwide and over 900 jets in service across 60 countries.
- Embraer has consistently ranked highly in worldwide customer support and satisfaction surveys.
2015 10 8 emb day - commercial rev-finalEmbraer RI
This document summarizes information about Embraer's commercial aviation business in 2015. It notes that Embraer delivered 122 commercial jets in 2015, had firm orders of 165 aircraft for the year, and expects deliveries of 95-100 and revenues of $3.2-$3.4 billion for 2015. It also provides an overview of Embraer's E-Jets family and the in-development E2 series, which is expected to provide fuel burn reductions of 16-24% per seat compared to current E-Jets models.
- Embraer Defense and Security achieved several accomplishments in recent years including sales of the Super Tucano to the US Air Force and progress on the KC-390 program.
- In 2015, Embraer faced new challenges including a 50% depreciation of the Brazilian real which reduced projected revenue by $1.1-1.25 billion and impacted programs.
- Embraer's main focuses moving forward are finalizing KC-390 development, improving operational efficiency, increasing international sales, and adjusting programs to the Brazilian government's budget.
This document contains Embraer's earnings results for the 3rd quarter of 2015. It highlights strong order backlog and aircraft deliveries. Net revenues increased compared to the same period last year. Income from operations and EBITDA margins were in line with expectations. However, net income was negative due to currency fluctuations. Research, development and capital expenditures remained on track with annual targets.
- Embraer delivered 122 commercial jets in 2015 and has a record backlog of 530 aircraft.
- Revenues in 2015 were between $3.2-3.4 billion, meeting guidance.
- The E-Jets E2 program is on schedule with 640 commitments so far and the E-Jets have a 60% market share in the 70-130 seat segment.
- The E-Jets E2 are expected to have 24% lower fuel burn per seat and 25% lower maintenance costs per seat compared to current E-Jets.
This document provides Embraer's earnings results for the 2nd quarter of 2015. It summarizes key highlights including record backlog, positive free cash flow, and net income. The outlook for 2015 is also revised with increased guidance for net revenues, EBITDA, and EBIT. Overall the document presents Embraer's financial performance and outlook in a favorable light with continued growth.
This document provides an overview of Embraer's corporate and business strategy, including:
- Organic growth, margin enhancement, business diversification, and organic growth through acquisitions.
- Establishing Embraer as the defense house of Brazil and focusing on product strategy, customer base expansion and excellence in customer experience.
- Details on Embraer's commercial jet portfolio, order backlog, revenues, and outlook for 2015 aircraft deliveries.
- Information on the E-Jets family and new E2 models in development.
This document provides Embraer's earnings results for the 2nd quarter of 2015. It highlights record backlog and free cash flow. Key metrics like operating income, net income, and earnings per share all increased over the prior year. The outlook for full year 2015 was revised with increases to expected revenues, EBITDA, EBIT, and net income. Aircraft deliveries remained strong with growth in commercial, executive, and defense segments.
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Release usgaap 3 q09 final
1. THIRD QUARTER 2009
RESULTS IN US GAAP
EMBRAER RELEASES THIRD QUARTER 2009
RESULTS IN US GAAP
The Company's operating and financial information is presented, except where
otherwise stated, on a consolidated basis in United States dollars (US$) 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”).
São José dos Campos, October 29, 2009 – Embraer (BM&FBOVESPA: EMBR3;
BM&FBOVESPA: EMBR3 NYSE: ERJ), the world’s leading manufacturer of commercial jets with up to 120 seats,
NYSE: ERJ 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$
www.embraer.com.br
0.3188.
Investor Relations In 3Q09, Embraer delivered 57 jets to the commercial aviation, executive aviation and
André Gaia defense segments, compared to 48 jet deliveries in the third quarter of 2008 (3Q08). The
Caio Pinez
Juliana Villarinho Company’s firm order backlog on September 30, 2009, totaled US$ 18.6 billion.
Paulo Ferreira
Despite a higher number of deliveries, net revenues for 3Q09 totaled US$ 1,246.0
Tel: +55 (12) 3927 4404 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.
Page 1 of 13
2. THIRD QUARTER 2009
RESULTS IN US GAAP
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.
Page 2 of 13
3. THIRD QUARTER 2009
RESULTS IN US GAAP
INCOME STATEMENT HIGHLIGHTS
The following table presents selected financial information from Embraer’s consolidated statement of income for the
three months ended September 30, 2008 and 2009 (3Q08 and 3Q09) and for the three months ended June 30,2009
(2Q09).
Statement of Income (USGAAP) 2Q09 3Q08 3Q09
In US$ million, except % and earnings per ADS (1) (1) (1)
Net sales 1,456.6 1,546.0 1,246.0
Gross profit 336.5 336.1 233.7
Gross margin 23.1% 21.7% 18.8%
Selling, general administrative (121.6) (159.4) (124.5)
Research and development (48.1) (77.5) (43.4)
Other operating income net 7.8 1.3 2.2
Income from operations 174.6 100.5 68.0
Operating margin 12.0% 6.5% 5.5%
Net financial income (expenses) 8.9 (102.0) 14.6
Foreign exchange gain (loss), net (49.8) 58.7 (35.0)
Income before income taxes 133.7 57.2 47.6
Income tax benefit (expense) (63.4) 2.0 13.0
Net income 70.3 59.3 60.6
Net income margin 4.8% 3.8% 4.9%
Net income attributable to the noncontrolling interest (2.5) (1.6) (2.9)
Net Income attributable to Embraer 67.8 57.7 57.7
Net Income attributable to Embraer margin 4.7% 3.7% 4.6%
Earnings (losses) per ADS - basic and diluted 0.3750 0.3190 0.3188
(1) Derived from unaudited financial information
DELIVERIES AND NET SALES BY SEGMENT
A total of 57 jets were delivered during 3Q09, including 29 jets to the commercial aviation segment, 27 jets to the
executive aviation segment, including 22 Phenom 100 jets, and one aircraft to the defense segment. As a result of the
product mix delivered, net sales came to US$ 1,246.0 million in 3Q09, or 19.4% less the same period in 2008.
The following table sets forth deliveries per segment for the indicated periods.
Deliveries by Segment 2Q09 3Q08 3Q09
Commercial Aviation 35 37 29
ERJ 145 2 1 1
EMBRAER 170 7 3 4
EMBRAER 175 3 12 3
EMBRAER 190 16 20 17
EMBRAER 195 7 1 4
Defense 2 2 1
EMB 145 - 1 -
Phenom 100 2 - -
Legacy 600 1 -
EMBRAER 190 - - 1
Executive Aviation 19 9 27
Phenom 100 13 - 22
Legacy 600 5 9 5
Lineage 1000 1 - -
Total 56 48 57
Page 3 of 13
4. THIRD QUARTER 2009
RESULTS IN US GAAP
In 3Q09 net revenues for the commercial aviation segment were US$ 824.1 million, or 66.1% of total revenues for the
period, compared to US$ 988.0 million and 63.9%, respectively, in 3Q08.
Despite of the delivery of 22 Phenom 100 jets, a lower number of Legacy 600 jets delivered (five in 3Q09 compared to
nine in 3Q08) has reduced net revenues for the executive aviation segment to US$ 200.7 million in 3Q09, or 10.0% less
than the US$ 223.1 million in 3Q08.
Net revenues for the defense segment in 3Q09 declined to US$ 70.8 million, compared to US$ 135.3 million in 3Q08,
mainly due to the product mix and the normal fulfillment of the contracts. In Aviation Services, net revenues decreased to
US$ 127.1 million in 3Q09, compared to US$ 151.0 million in 3Q08.
Net sales 2Q09 3Q08 3Q09
by segment (1) (1) (1)
US$M % US$M % US$M %
Commercial Aviation 972.2 66.7 988.0 63.9 824.1 66.1
Defense 100.9 6.9 135.3 8.8 70.8 5.7
Executive Aviation 208.0 14.3 223.1 14.4 200.7 16.1
Aviation Services 151.3 10.4 151.0 9.8 127.1 10.2
Others 24.2 1.7 48.6 3.1 23.3 1.9
Total 1,456.6 100.0 1,546.0 100.0 1,246.0 100.0
(1) Derived from unaudited financial information
OPERATING EXPENSES & INCOME FROM OPERATIONS
During 3Q09, operating expenses totaled US$ 165.7 million, down 29.7% when compared to US$ 235.6 million in 3Q08.
Such decrease is mainly due to a stronger control of expenses and productivity gains achieved with the progress of the
P3E process optimization plan. Such reduction was achieved despite the 9.9% appreciation of the Real against the
dollar.
Selling expenses totaled US$72.9 million in 3Q09, a significant 28.4% drop from US$ 101.8 million in 3Q08, due to the
decrease in variable selling expenses and productivity gains. The decrease in the variable selling expenses reflects the
lower number of deliveries for the commercial aviation segment.
R&D expenses totaled US$ 43.4 million in 3Q09, compared to US$77.5 million in 3Q08. This decrease is due to the
agreement reached with some of the Company’s risk-sharing partners to book revenue for their cash contribution of the
development of the new executive jets programs.
General and administrative expenses also showed a 10.4% decrease to US$ 51.6 million in 3Q09 compared to US$ 57.6
million in 3Q08. The Company achieved this decrease despite the variation of the Real against the dollar exchange rate
in the period.
Other net operating expenses showed stability in the comparison between quarters, totaling an income of US$ 2.2 million in 3Q09
compared to US$ 1.3 million in 3Q08. The depreciation during the 3Q09 was US$ 21.9 million.
As a result of the foregoing, the Company’s operating income was US$ 68.0 million in 3Q09, with an operating margin of
5.5%, which compares to US$ 100.5 million and 6.5%, respectively, in 3Q08.
NET INCOME
Net financial income totaled US$ 14.6 million in 3Q09, compared to a net financial expense of US$ 102.0 million for 3Q08. This
result was obtained by reducing the cost of funds in other currencies from 5.22% to 3.88% and by improving the financial assets
returns.
Foreign exchange gain/loss reflects the impact of the exchange rate over monetary assets and liabilities stated in other currencies
which are translated into US dollars at the end of each period. The Company recorded a foreign exchange loss of US$ 35.0 million
in 3Q09, compared to a gain of US$ 58.7 million in 3Q08.
Page 4 of 13
5. THIRD QUARTER 2009
RESULTS IN US GAAP
Embraer recorded an income tax benefit of US$ 13.0 million, mostly accounted for as deferred income tax in 3Q09, compared to
an income tax benefit of US$ 2.0 million, in 3Q08. Income tax expense calculation is based on Brazilian tax regulations.
Net income attributable to Embraer was US$ 57.7 million in 3Q09, or a 4.6% net margin, which compares to net income
attributable to Embraer of US$ 57.7 million or a 3.7% net margin in 3Q08.
BALANCE SHEET HIGHLIGHTS
On September 30, 2009, Embraer’s cash and cash equivalents and temporary cash investments totaled US$ 2,081.2
million. On the same date, short- and long-term loans (excluding non-recourse and recourse debt) totaled US$ 2,009.8
million. As a result, the Company had a net cash position (total loans minus cash and cash equivalents and temporary
cash investments) of US$ 71.4 million at the end of 3Q09.
Balance Sheet Data (USGAAP) (1) (1) (1)
(in US$ million) 2Q09 3Q08 3Q09
Cash and cash equivalents 688.9 1.063.3 667.7
Temporary cash investments 1.180.6 858.7 1.413.5
Trade accounts receivable 469.8 406.1 490.1
Customer and commercial financing 545.3 444.1 538.6
Inventories 2.874.6 2.924.7 2.722.6
Property, plant and equipment 748.0 674.0 758.4
Trade accounts payable 892.3 1.146.9 725.4
Loans 1.817.2 1.430.1 2.009.8
Total Company shareholders' equity 2.329.3 2.214.3 2.400.4
Net cash * 52.3 491.9 71.4
* Net cash = Cash and cash equivalents + Temporary cash investments - Loans
(1) Derived from unaudited financial information.
Cash and cash equivalents and temporary cash investments
Embraer’s cash and cash equivalents and temporary cash investments on September 30, 2009, totaled US$ 2,081.2
million, compared to US$ 1,869.5 million on June 30, 2009. Of the total balance in cash and cash equivalents and
temporary cash investments on September 30, 2009, 43.5% was stated in US dollars and the remaining 56.5%
comprised investments primarily stated in Reals. The investment strategy adopted by the Company is to maintain
sufficient cash to minimize the currency and interest rate exposures of its assets and liabilities. This strategy also takes
into account expected future costs, expenses and capital expenditure, which are denominated in Reals.
Trade accounts receivable and customer and commercial financing
Trade accounts receivable and customer commercial financing totaled US$ 1,028.7 million in 3Q09, representing a 1.3%
increase over the US$ 1,015.1 million in 2Q09.
Inventories
During 3Q09, inventories decreased to US$ 2,722.6 million, compared to US$ 2,874.6 million in 2Q09, a reduction of
5.3%. This decrease is a result of negotiations with Embraer suppliers to adjust the needs of parts and equipments to the
new levels of aircraft demand and production.
Page 5 of 13
6. THIRD QUARTER 2009
RESULTS IN US GAAP
Short-Term and Long-Term Loans
On September 30, 2009, Embraer’s total debt was US$2,009.8 million, compared to US$1,817.2 million on June 30,
2009. Of the total debt recorded on that date, 48.8% is stated in Reals and indexed to the Brazilian Long-term interest
rate, TJLP, at a weighted average interest rate of 7.80% per annum, similar to 3Q08 levels of 7.71% per annum. The
remaining 51.2% is stated in other currencies, primarily U.S. dollars, with a weighted average interest rate of 3.88% per
annum, which is well below the 5.22% of 3Q08. Short term debt is 47.1% of the total debt in 3Q09.
Embraer’s total debt/LTM adjusted EBITDA ratio increased to 3.20x, on September 30, 2009 from 2.77x, on June 30,
2009. The Company’s total debt/capitalization ratio increased to 0.46x, on September 30, 2009 from 0.44x on June 30,
2009. LTM adjusted EBITDA was US$627.5 million in 3Q09.
Interest coverage as measured by LTM adjusted EBITDA/Interest expense (gross) decreased to 5.94x on September 30,
2009, from 6.56x, on June 30, 2009.
Certain Financial Ratios 2Q09 3Q08 3Q09
Total debt to Adjusted EBITDA (1) 2.77 2.89 3.20
Net debt to Adjusted EBITDA (2) (0.08) (0.99) (0.11)
Total debt to capitalization (3) 0.44 0.39 0.46
Adjusted EBITDA to interest expense (gross) (4) 6.56 4.33 5.94
Adjusted EBITDA (5) 656.7 494.7 627.5
(1) Total debt represents short and long-term loans and financing.
(2) Net debt represents cash and cash equivalents, plus temporary cash investments, minus short and long-term loans
and financing.
(3) Total capitalization represents short and long-term loans and financing, plus shareholders’ equity.
(4) Interest expense (gross) includes only interest and commissions on loans.
(5) The table at the end of this release sets forth the reconciliation of net income to adjusted EBITDA, calculated on the
basis of financial information prepared with U.S. GAAP data, for the indicated periods.
CAPITAL EXPENDITURES
Investments in the improvement and modernization of the Company’s industrial and engineering processes, and in
property, plant, and equipment totaled US$ 33.5 million during 3Q09, compared to US$ 61.3 million in 3Q08.
ADDITIONAL INFORMATION ACCORDING TO BRAZILIAN GAAP
Embraer reported its 3Q09 financial statements in accordance with the accounting practices adopted in Brazil (Brazilian
GAAP), which, under Brazilian law, are the basis for calculating the distribution of dividends and interest on shareholders’
equity, income tax and social contribution. The following is a selection of consolidated income data in accordance with
Brazilian GAAP and in Reals (R$).
- Net sales during 3Q09 totaled R$ 2,327.5 million.
- Gross profit totaled R$ 411.2 million, with a gross margin of 17.7% in 3Q09.
- Income from operations for 3Q09 was R$ 162.0 million, with an operating margin of 7.0%.
Page 6 of 13
7. THIRD QUARTER 2009
RESULTS IN US GAAP
- During 3Q09, income before taxes totaled R$ 132.3 million, representing 5.7% of net sales.
- Net income for 3Q09 was R$ 221.9 million, with a net margin of 9.5%.
BACKLOG & DELIVERY FORECAST
Embraer delivered 57 jets in 3Q09, or nine more than the 48 deliveries in 3Q08.
On September 30, 2009, Embraer presented the following firm order backlog:
Firm Order
Aircraft Type Firm Order Options Deliveries
Backlog
ERJ 135 108 - 108 -
ERJ 140 74 - 74 -
ERJ 145 708 25 697 11
EMBRAER 170 194 96 164 30
EMBRAER 175 135 173 123 12
EMBRAER 190 436 447 251 185
EMBRAER 195 112 76 44 68
TOTAL 1,767 817 1,461 306
On September 30, 2009, Embraer’s firm order backlog, including the commercial aviation, the executive aviation and the
defense segments totaled US$ 18.6 billion. The following chart illustrates the evolution of Embraer’s firm order backlog.
Firm Order Backlog (US$ Billion)
20.9
19.7 19.8
18.6
4Q08 1Q09 2Q09 3Q09
Page 7 of 13
8. THIRD QUARTER 2009
RESULTS IN US GAAP
INVESTOR RELATIONS
Embraer’s American Depositary Shares (ADS) traded on the New York Stock Exchange (NYSE) closed at US$ 22.94 on
September 30, 2009, representing an increase of 38.5% during the third quarter of 2009. On the same period, the Dow
Jones index appreciated 14.9%, closing at 9.712 points on September 30th 2009, compared to 8.447 points at June 30th
2009.
The Company’s common shares traded on the Bolsa de Valores de São Paulo (BM&FBOVESPA) closed at R$ 10.25, on
September 30, 2009, representing a 25.8% increase for the third quarter of 2009.
The average daily ADS trading volume during 3Q09 was US$ 20.2 million and 969.0 thousand shares.
GUIDANCE 2009: DELIVERIES & NET REVENUES
Embraer maintains its 2009 guidance 2009 of US$ 5.5 billion for net revenues and its investments estimates of US$ 350
million. In addition, the Company expects to deliver 115 commercial jets, 17 Legacy 600 and Lineage 1000 and
approximately 100 Phenom jets. Due to the strong appreciation of the Real against the US dollar, the operating margin
for the current year is expected to be around 7%.
Page 8 of 13
9. THIRD QUARTER 2009
RESULTS IN US GAAP
CONFERENCE CALL INFORMATION
Embraer will host a conference call to present its 3Q09 Results in US GAAP on October 30, 2009, as described below:
(US GAAP)
10:00 (SP)
08:00 (NY)
Telephones:
+1 800 860 2442 (North America)
+1 412 858 4600 (International)
+55 11 4688 6341(Brazil)
Code: Embraer
Replay Number:
+55 11 4688 6312
Code: 299
The conference call will also be broadcast live over the web at www.embraer.com
For additional information please contact:
Investor Relations
(+55 12) 3927-4404
investor.relations@embraer.com.br
ABOUT EMBRAER
Embraer (Empresa Brasileira de Aeronáutica S.A. - NYSE: ERJ; BM&FBOVESPA: EMBR3) is the world’s largest
manufacturer of commercial jets up to 120 seats, and one of Brazil’s leading exporters. Embraer’s headquarters are
located in São José dos Campos, São Paulo, and it has offices, industrial operations and customer service facilities in
Brazil, the United States, France, Portugal, China and Singapore. Founded in 1969, the Company designs, develops,
manufactures and sells aircraft for the commercial aviation, executive aviation, and defense segments. The Company
also provides after sales support and services to customers worldwide. On September 30, 2009, Embraer had a
workforce of 16,986 employees – not counting the employees of its subsidiaries OGMA and HEAI – and its firm order
backlog totaled US$ 18.6 billion.
This document may contain forward-looking statements regarding circumstances or events yet to take place. Such
statements are based largely on current expectations, forecasts of future events, assumptions and on financial
tendencies that affect the Company’s businesses, and may prove not to be accurate and are not guarantees of
performance. They are subject to risks, uncertainties and assumptions that are difficult to predict and that may include,
among others: general economic, political and trade conditions in Brazil and in those markets where the Company does
business; expectations on industry trends; the Company’s investment plans; its capacity to develop and deliver products
on the dates previously agreed upon; and existing and future governmental regulations. The actual results can, therefore,
differ substantially from those previously published as Company expectations. Further, in view of the inherent risks and
uncertainties, the estimates, events and circumstances in such statements may not occur. The words “believe”, “may”, “is
able”, “will be able”, “estimate”, “intend”, “continue”, “project”, “anticipate”, “expect” and other similar terms are supposed
to identify such forward-looking statements. The Company is not obligated to publish updates nor to revise any such
statements due to new information, future events or otherwise.
Page 9 of 13
10. THIRD QUARTER 2009
RESULTS IN US GAAP
EMBRAER - EMPRESA BRASILEIRA DE AERONÁUTICA S.A.
USGAAP CONDENSED CONSOLIDATED BALANCE SHEETS
(in million of U.S. dollars)
ASSETS
As of June 30, As of September 30,
2009 2009
CURRENT ASSETS (1) (1)
Cash and cash equivalents 688.9 667.7
Temporary cash investments 1,180.6 1,413.5
Trade accounts receivable net 464.7 485.8
Collateralized accounts receivable 11.4 11.8
Customer and commercial financing 12.8 13.7
Inventories 2,867.2 2,715.5
Deferred income taxes 96.0 95.8
Other current assets 199.8 232.9
Total current assets 5,521.4 5,636.7
NON-CURRENT ASSETS
Trade accounts receivable net 5.1 4.3
Collateralized accounts receivable 467.3 469.7
Customer and commercial financing 532.5 524.9
Inventories 7.4 7.1
Property, plant and equipment, net 748.0 758.4
Goodwill 14.5 14.5
Investments 63.8 64.0
Deferred income taxes 234.5 281.9
Other noncurrent assets 799.1 814.1
Total non-current assets 2,872.2 2,938.9
TOTAL ASSETS 8,393.6 8,575.6
(1) Derived from unaudited financial information.
Page 10 of 13
11. THIRD QUARTER 2009
RESULTS IN US GAAP
EMBRAER - EMPRESA BRASILEIRA DE AERONÁUTICA S.A.
USGAAP CONDENSED CONSOLIDATED BALANCE SHEETS
(in million of U.S. dollars)
LIABILITIES AND SHAREHOLDERS' EQUITY
As of June 30, As of September 30,
2009 2009
CURRENT LIABILITIES (1) (1)
Loans and financing 891.7 947.0
Capital lease obligation 6.0 6.0
Non-recourse and recourse debt 137.1 133.3
Trade accounts payable 892.3 725.4
Advances from customers 1.160.2 1.044.8
Taxes and payroll charges payable 39.3 41.4
Accrued taxes on income 14.7 18.6
Deferred income taxes 6.6 6.8
Contingencies 12.6 12.1
Accrued dividends 1.0 1.1
Other payables and accrued liabilities 412.9 478.3
Total current liabilities 3.574.4 3.414.8
NON-CURRENT LIABILITIES
Loans and financing 925.5 1.062.8
Capital lease obligation 15.2 15.5
Non-recourse and recourse debt 365.4 368.4
Advances from customers 328.5 379.7
Contribution from suppliers 65.2 48.3
Taxes and payroll charges payable 438.6 490.3
Other payables and accrued liabilities 178.1 199.0
Deferred income taxes 132.7 152.1
Contingencies 40.7 44.3
Total non-current liabilities 2.489.9 2.760.4
Company shareholder's equity 2.256.1 2.322.7
Noncontrolling interest 73.2 77.7
TOTAL SHAREHOLDERS' EQUITY 2.329.3 2.400.4
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 8.393.6 8.575.6
(1) Derived from unaudited financial information.
Page 11 of 13
12. THIRD QUARTER 2009
RESULTS IN US GAAP
EMBRAER - EMPRESA BRASILEIRA DE AERONÁUTICA S.A.
USGAAP CONSOLIDATED STATEMENTS OF INCOME
In millions of U.S.dollars, except earnings per share
(1) (1)
Three Months Ended Nine Months Ended
September 30, 2008 September 30, 2009 September 30, 2008 September 30, 2009
Gross sales
Domestic market 101.4 71.2 200.9 397.5
Foreign market 1.439.7 1.188.9 4.385.8 3.497.4
Sales deductions 4.9 (14.1) (69.8) (38.1)
Net sales 1.546.0 1.246.0 4.516.9 3.856.8
Cost of sales and services (1.209.9) (1.012.3) (3.550.7) (3.076.9)
Gross profit 336.1 233.7 966.2 779.9
Operating income (expenses)
Selling (101.8) (72.9) (301.3) (212.9)
Research and development (77.5) (43.4) (243.5) (137.8)
General and administrative (57.6) (51.6) (169.5) (136.0)
Other operating income (expenses), net 1.3 2.2 10.7 (23.3)
Income from operations 100.5 68.0 262.4 269.9
Interest income (expenses), net (102.0) 14.6 (17.4) 21.5
Foreign exchange gain (loss) ,net 58.7 (35.0) 22.2 (88.0)
Income before income taxes 57.2 47.6 267.2 203.4
Income tax (expense) benefit 2.0 13.0 14.2 (95.7)
Income before equity 59.2 60.6 281.4 107.7
Equity in earnings of affiliates 0.1 - 0.3 -
Net income 59.3 60.6 281.7 107.7
Net income attributable to the noncontrolling interest (1.6) (2.9) (4.7) (5.6)
Net income attributable to Embraer 57.7 57.7 277.0 102.1
Earnings per share
Basic and Diluted
Common 0.0797 0.0797 0.3811 0.1411
Weighted average shares (millions of shares)
Basic and Diluted
Common 723.7 723.7 726.9 723.7
Earnings per share - ADS basic and diluted(US$) 0.3190 0.3188 1.5245 0.5645
(1) Derived from unaudited financial information
Page 12 of 13
13. THIRD QUARTER 2009
RESULTS IN US GAAP
RECONCILIATION OF US GAAP AND “NON GAAP” INFORMATION
Adjusted EBITDA represents earnings before interest, taxation, depreciation and amortization. Adjusted
EBITDA is not a financial measurement of the Company’s financial performance under US GAAP. Adjusted
EBITDA is presented because it is used internally as a measure to evaluate certain aspects of the business,
including financial operations. The Company also believes that some investors find it to be a useful tool for
measuring a Company’s financial performance. Adjusted EBITDA should not be considered as an alternative
to, in isolation from, or a substitution for, analysis of the Company’s financial condition or results of
operations, as reported under US GAAP. Other companies in the industry may calculate adjusted EBITDA
differently than Embraer has for the purposes of its earnings releases, limiting adjusted EBITDA’s usefulness
as a comparative measure.
Adjusted EBITDA Reconciliation 2Q09 3Q08 3Q09
LTM (1) (1) (1)
Net Income(Loss) Attributable to Embraer 213.9 477.9 213.8
Minority interest 7.2 14.4 8.4
Income tax benefit (expense) 162.0 (35.1) 151.0
Interest income (expense), net 249.1 (17.4) 132.6
Foreign Exchange gain (loss), net (55.1) (12.0) 38.5
Depreciation and amortization 79.6 66.9 83.2
Adjusted EBITDA 656.7 494.7 627.5
(1) Derived from unaudited quarterly financial information.
LTM : Last Twelve Months
Page 13 of 13