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Electronics Production | October 24, 2008

Celestica delivered strong results in the Q3 due operating improvements in Mexico & Europe

Revenue was $2,031 million compared to $2,081 million in the third quarter of 2007. Net earnings on a GAAP basis for the third quarter were $32.1 million, compared to GAAP net earnings of $51.5 million for the same period last year.
The year-over-year decline in GAAP EPS was primarily impacted by lower tax recoveries and higher restructuring charges, offset partially by improved operating earnings.

Adjusted net earnings for the quarter were $54.3 million or $0.24 per share, compared to adjusted net earnings of $29.3 million or $0.13 per share for the same period last year. The term adjusted net earnings is defined as net earnings before other charges, amortization of intangible assets, integration costs related to acquisitions, option expense, option exchange costs and gains or losses on the repurchase of shares and debt, net of tax and significant deferred tax write-offs or recovery (detailed GAAP financial statements and supplementary information related to adjusted net earnings appear at the end of this press release).

These results compare with the company’s guidance for the third quarter, announced on July 24, 2008, of revenue of $1.9 billion to $2.1 billion and adjusted net earnings per share of $0.17 to $0.23.

For the nine months ended September 30, 2008, revenue was $5,743 million compared to $5,860 million for the same period in 2007. Net earnings on a GAAP basis were $101.7 million or $0.44 per share compared to GAAP net loss of ($2.0) million or ($0.01) per share for the same period last year. Adjusted net earnings for the nine months ended September 30, 2008 were $128.6 million or $0.56 per share compared to adjusted net earnings of $25.1 million or $0.11 per share for the same period in 2007.

“Celestica delivered strong results in the third quarter driven predominately by our operating improvements in Mexico and Europe,” said Craig Muhlhauser, President and Chief Executive Officer, Celestica. “In the third quarter, we continued delivering strong working capital performance and generated free cash flow for the sixth consecutive quarter. We ended the quarter with a healthy $1.26 billion cash balance and a strong balance sheet.

“While we expect end markets to be impacted by the current uncertain environment, Celestica is well positioned with its customers, who recognize the benefit of having partnered with a supply chain leader with global capabilities and significant financial strength.”

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