Embraer delivered 80 jets in the fourth quarter, of which 30 commercial aircraft and 50 executive jets (33 light and 17 mid-size). In 2022, a total of 159 jets were delivered of which 57 were commercial aircraft and 102 executive jets (66 light and 36 mid-size). Embraer increased the number of aircraft delivered by 12.7% compared with 2021, even with significant supply chain constraints.
Firm order backlog ended 4Q22 at US$ 17.5 billion, US$ 500 million higher y-o-y with a higher book-to-bill in Executive Aviation and Services & Support.
Revenues reached US$ 2.0 billion in the quarter (53% higher than 4Q21) and US$ 4.5 billion in 2022, in line with Company guidance.
Adjusted EBIT (US$ 166.2 million in 4Q22, 196% higher than 4Q21) and EBIT and EBITDA margin of 8.3% and 11.5% in 4Q22, respectively, contributed for yearly results of 6.0% and 10.1%, surpassing guidance of 2022, driven by volume/mix, enterprise and tax efficiencies, partially offset by provision and SG&A.
Adjusted Free Cash Flow w/o EVE (FCF) in 4Q22, with cash generation of US$ 584.3 million, leading to full-year FCF of US$ 540.1 million in 2022, surpassing FCF guidance for the year due to outstanding results and sales performance from Executive Aviation and very strict control over working capital.
Net Debt w/o EVE/Adjusted EBITDA ratio decreased from 3.9x in 2021 to 2.1x in 2022, with strong FCF and EBITDA performance.
Guidance for 2023: commercial jet deliveries of 65-70 aircraft, executive jet deliveries of 120-130 aircraft, revenues in a range of US$ 5.2 to US$ 5.7 billion, Adjusted EBIT margin of 6.4% to 7.4%, Adjusted EBITDA margin of 10.0% to 11.0%, and adjusted free cash flow of US$ 150 million or better for the year.