Embraer announces fourth quarter and full year 2024 financial results
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Embraer announces fourth quarter and full-year financial results for 2024.
Performance guidance for 2025: 77 to 85 commercial aircraft deliveries and 145 to 155 business jet deliveries. The company's total revenue is expected to be between $7 billion and $7.5 billion, with an adjusted EBIT margin of 7.5% to 8.3%, and full-year adjusted free cash flow of $200 million or more.
Revenue in the fourth quarter of 2024 was $2.311 billion, and full-year revenue was $6.395 billion, a record high, up 21% year-on-year and reaching the upper limit of guidance.
Adjusted EBIT in the fourth quarter of 2024 was $265.1 million, with a profit margin of 11.5%. Adjusted EBIT for the full year of 2024 was $708.2 million, with a profit margin of 11.1% (excluding Boeing arbitration, $558.2 million and 8.7%, respectively), both exceeding performance guidance.
Adjusted free cash flow in the fourth quarter of 2024 (excluding Eve) reached $995.5 million. Full-year free cash flow for 2024 reached $675.6 million, benefiting from increased aircraft deliveries, strong growth in aircraft prepayment income, and compensation from Boeing arbitration. The company's net debt (excluding Eve) at the end of 2024 was $110.7 million.
Embraer's net debt-to-EBITDA ratio at the end of 2024 was 0.1 times, a significant improvement from 1.4 times in 2023. In December, Moody's raised the company's rating from Ba1 to Baa3 with a positive outlook. So far, the world's three major rating agencies have awarded the company an investment grade (IG) rating.
Embraer delivered 75 aircraft in the fourth quarter of 2024, including 31 commercial aircraft (20 E2s and 11 E1s) and 44 business jets (22 light and 22 medium). Total deliveries for the full year 2024 are 206, up 14% from 181 in 2023. These include 73 commercial aircraft (47 E2s and 26 E1s), 130 business jets (75 light and 55 medium) and 3 C390s. Both commercial and business jet deliveries are in line with guidance.
As of the end of the fourth quarter of 2024, the company's confirmed order backlog value reached US$26.3 billion, up more than 40% year-on-year and more than 16% month-on-month, setting a record high in the company's history.