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© designersart dreamstime.com Electronics Production | October 23, 2014

Celestica's profit dropped 40% in Q3 YoY

Celestica's third quarter revenue amounted to USD 1.423 billion, within the company's guidance of USD 1.40 – 1.50 billion, but still a decrease of 5 percent compared to the third quarter of 2013.
Revenue from the company's diversified end market grew 7 percent from the third quarter of 2013 to represent 29 percent of total revenue up from 26% of total revenue for the third quarter of 2013

IFRS net earnings for the third quarter of 2014 amounted to USD 34.4 million, compared to USD 57.4 million during the same quarter in 2013.

However, looking at the nine months that have passed, Celestica's IFRS net earnings for 2014 amounts to USD 112.6 million, compared to USD 95.9 million for the first nine months of 2013.

“Celestica delivered strong operating margin and free cash flow performance in the third quarter driven primarily through our continued focus on operational excellence and favorable program mix.” said Craig Muhlhauser, Celestica’s President and Chief Executive Officer.

“Despite overall demand softness in the third quarter, primarily in our Communications end market, we improved our adjusted operating margin and generated higher free cash flow compared to the second quarter of this year, as well as to the same period of 2013. While we expect the overall business environment to remain challenging in the near term, we remain committed to investing for the future growth and profitability of Celestica while achieving improvements in our margins, ROIC and free cash flow.”

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