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© dmitry-bomshtein-dreamstime.com Electronics Production | April 23, 2014

Celestica hit its guidance

Celestica's revenue for the first quarter 2014 amounted to USD 1.312 billion, within the company's guidance of USD 1.30 - 1.40 billion, which however, is a decrease of 4% compared to the first quarter of 2013.
“Celestica delivered first quarter revenue at the low end of our guidance range as end market demand continued to be volatile, primarily within our Communications business. Despite the challenges, we delivered operating results in-line with our beginning-of-quarter expectations as a result of our focus on continuous improvement and disciplined cost management,” said Craig Muhlhauser, Celestica President and Chief Executive Officer. “We are encouraged by the progress that we have made in our business with double-digit year-over-year revenue growth in our Diversified and Storage end markets. We are also pleased with our operating margin improvements compared to the first quarter of 2013.”

Highlights:
  • Operating margin (non-IFRS): 3.1%, compared to 2.5% for the first quarter of 2013.
  • Free cash flow (non-IFRS): negative USD 16.2 million, compared to positive USD 13.5 million for the first quarter of 2013.
  • Revenue from Diversified end market grew 10% from the first quarter of 2013 to represent 28% of total revenue, up from 24% of total revenue for the first quarter of 2013.
  • Adjusted net earnings (non-IFRS) were USD 47.1 million, compared to 30 million during the same period in 2013.

“We expect to build on this momentum during the remainder of 2014 by continuing to focus on making our customers successful, and investing to achieve long-term growth and profitability for Celestica.”

Outlook
For the second quarter, Celestica anticipate revenue to be in the range of USD 1.375 - 1.475 billion.

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