Electronics Production | April 23, 2009
Celestica Q1 revenue down
Celestica Inc. today announced financial results for the first quarter ended March 31, 2009. Revenue for the quarter was $1,469 million, compared to $1,836 million in the first quarter of 2008.
GAAP net earnings were $19.2 million or $0.08 per share, compared to GAAP net earnings of $29.8 million or $0.13 per share for the same period last year. The year-over-year change reflected the impact of weaker end-market demand. Adjusted net earnings for the quarter were $29.3 million, or $0.13 per share, compared to adjusted net earnings of $35.4 million, or $0.15 per share, for the same period last year. Adjusted net earnings is defined as net earnings before other charges, amortization of intangible assets (excluding amortization of computer software), option expense, gains or losses related to the repurchase of shares and debt, net of tax and significant deferred tax write-offs or recovery. The company's revenue and adjusted net earnings for the first quarter of 2009 were within the company's published guidance, announced on January 28, 2009, of revenue of $1.40 billion to $1.60 billion and adjusted net earnings per share of $0.07 to $0.13. "Celestica continues to deliver profitability and on-going operational improvements in support of our customers, in a very tough economic environment," said Craig Muhlhauser, President and Chief Executive Officer, Celestica. "Our track record and relentless drive to achieve world class operational excellence and a laser-like focus on creating value for our customers, will serve as an excellent platform for our future growth and profitability, as the market environment begins to improve." For the second quarter ending June 30, 2009, the company anticipates revenue to be in the range of $1.3 billion to $1.45 billion, and adjusted net earnings per share to range from $0.07 to $0.13.
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