Embraer reported its third quarter earnings this morning, with several positives that beat expectations. The company reported a net profit of $178.8 million US, or 97 cents per share. Adjusted for non-recurring costs, EPS were $1.20, surpassing expectations.
Quarterly revenues were $1.69 billion, which grew 32% year-over-year during a record third quarter. Recurring margins, excluding the Boeing arbitration gains, were strong, with EBIT of 8.7% and EBITDA margin of 12.2% both above street expectations. Free cash flow was $240 million US, reflecting the positive quarter. The company now expects FCF of $300 million, up from the earlier target of $220 million.
