Electronics Production | October 23, 2009
Celestica posts slight 3Q-loss
3Q-revenue was $1,556 million, compared to $2,031 million in 3Q/2008, the EMS-provider Celestica reports. The GAAP net loss amounted to $0.6 million, compared to GAAP net earnings of $32.1 million 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 previously announced restructuring program. Adjusted net earnings for the quarter were $39.5 million, compared to adjusted net earnings of $54.3 million for the same period last year. "The company's revenue and adjusted net earnings for the 3Q/2009 met the high end of the company's published guidance, announced on July 23, 2009, of revenue of $1.425 billion to $1.575 billion and adjusted net earnings per share of $0.11 to $0.17", a statement reads. For the nine months ended September 30, 2009, revenue was $4,428 million, compared to $5,743 million for the same period in 2008. GAAP net earnings were $23.9 million, or $0.10 per share, compared to $101.7 million, or $0.44 per share, for the same period last year. Adjusted net earnings for the nine months ended September 30, 2009 were $93.8 million, or $0.41 per share, compared to $128.6 million, or $0.56 per share, for the same period in 2008. "Celestica continues to deliver improved operating performance and financial results despite a very challenging and volatile business environment," said Craig Muhlhauser, President & CEO. "One of the company's goals during this downturn was to continue to deliver on our commitments to our customers and increase our return on invested capital even at the low point of an economic cycle. We are very pleased with the performance we have achieved thus far." Fourth Quarter Outlook For the fourth quarter ending December 31, 2009, the company anticipates revenue to be in the range of $1.55 billion to $1.70 billion, and adjusted net earnings per share to range from $0.14 to $0.20.