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Electronics Production | July 23, 2009

Celestica's revenue declined around 25%

Celestica's revenue for its 2Q/2009 (ended: June 30, 2009) stood at $1,402 million, compared to $1,876 million for the same period last year.

Revenue for the quarter was $1,402 million, compared to $1,876 million in the second quarter of 2008. GAAP net earnings were $5.3 million, or $0.02 per share, compared to GAAP net earnings of $39.8 million, or $0.17 per share, for the same period last year. The year-over-year change reflects the impact of weaker end-market demand, as well as higher restructuring costs in 2009 associated with the company's restructuring program announced at the beginning of 2008. Adjusted net earnings for the quarter were $25 million, or $0.11 per share, compared to adjusted net earnings of $38.9 million, or $0.17 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 (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 recoveries. Detailed GAAP financial statements and supplementary information related to adjusted net earnings appears at the end of this press release. For the six months ended June 30, 2009, revenue was $2,872 million, compared to $3,712 million for the same period in 2008. GAAP net earnings were $24.5 million, or $0.11 per share, compared to $69.6 million, or $0.30 per share, for the same period last year. Adjusted net earnings for the six months ended June 30, 2009 were $54.3 million, or $0.24 per share, compared to $74.3 million, or $0.32 per share, for the same period in 2008. "Celestica's second quarter financial results reflect our continued success at driving quality and efficiency throughout the company while delivering value for our customers, despite the challenging economic environment," said Craig Muhlhauser, President and Chief Executive Officer, Celestica. "The combination of our financial strength, operational excellence and the speed and flexibility of Celestica's global supply chain network creates a unique advantage to support our future growth and profitability as markets begin to improve." 3Q Outlook For the third quarter ending September 30, 2009, the company anticipates revenue to be in the range of $1.425 billion to $1.575 billion, and adjusted net earnings per share to range from $0.11 to $0.17. The company also announced plans to further reduce fixed costs and overhead expenses and to eliminate excess capacity through a $75 - $100 million restructuring program.
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