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Electronics Production | October 28, 2010

Celestica's Q3 revenue & inventory impacted by some demand changes

Revenue for the quarter was $1.55 billion, compared to $1.56 billion in the third quarter of 2009. GAAP net earnings were $35.4 million, compared to GAAP net loss of ($0.6) million, for the same period last year.
Adjusted net earnings for the quarter were $46.3 million, or $0.20 per share, compared to $44.3 million, or $0.19 per share, for the same period last year. The term adjusted net earnings is a non-GAAP measure defined as net earnings before stock-based compensation, amortization of intangible assets (excluding computer software), restructuring and other charges, and gains or losses related to the repurchase of shares or debt, net of tax adjustments and significant deferred tax write-offs or recoveries. Detailed GAAP financial statements and supplementary information related to adjusted net earnings and other non-GAAP measures appear at the end of this press release.

For the nine months ended September 30, 2010, revenue was $4.65 billion, compared to $4.43 billion for the same period in 2009. GAAP net earnings were $55.2 million, or $0.24 per share, compared to $23.9 million, or $0.10 per share, for the same period last year. Adjusted net earnings for the nine months ended September 30, 2010 were $137.7 million, or $0.59 per share, compared to $109.0 million, or $0.47 per share, for the same period in 2009.

Third Quarter Results Compared to Guidance
The company's revenue of $1,547 million and adjusted net earnings of $0.20 per share for the third quarter of 2010 were at the low end of the company's published guidance, announced on July 23, 2010, of revenue of $1.55 billion to $1.65 billion, and adjusted net earnings per share of $0.20 to $0.24.

"Celestica's third quarter revenue and inventory were impacted by some demand changes late in the quarter," said Craig Muhlhauser, President and Chief Executive Officer, Celestica. "Despite this volatility, we delivered consistent operating margins, strong free cash flow, ROIC greater than 20% and continued operational excellence in support of our customers.

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