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Electronics Production | January 27, 2011

Celestica profit slips, but revenue gains

Canada-based EMS-provider Celestica reports revenue of USD 1.88 billion, compared to USD 1.66 billion for the same period last year.

Revenue for the quarter was USD 1.88 billion, compared to USD 1.66 billion in the fourth quarter of 2009. GAAP net earnings were USD 25.6 million, or USD 0.11 per share, compared to GAAP net earnings of USD 31.1 million, or USD 0.13 per share, for the same period last year. GAAP net earnings for the fourth quarter of 2010 included a USD 0.16 per share (pre-tax) charge for the following items: quarterly stock-based compensation, amortization of intangible assets (excluding computer software) and restructuring charges. This charge was higher than the estimate of between USD 0.05 - 0.12 per share provided on October 28th, 2010, primarily due to higher than expected restructuring and a mark-to-market adjustment for stock-based compensation costs. GAAP net earnings for the fourth quarter of 2010 also included a USD 0.03 per share (pre-tax) charge primarily for impairment of long-lived assets. Adjusted net earnings for the quarter were USD 58.3 million, or USD 0.26 per share, compared to USD 49.5 million, or USD 0.21 per share, for the same period last year. The term adjusted net earnings is a non-GAAP measure defined as net earnings before stock-based compensation, amortization of intangible assets (excluding computer software), restructuring and other charges, and gains or losses related to the repurchase of shares or debt, net of tax adjustments and significant deferred tax write-offs or recoveries. Detailed GAAP financial statements and supplementary information related to adjusted net earnings and other non-GAAP measures appear at the end of this press release. For fiscal year 2010, revenue was USD 6.5 billion, compared to USD 6.1 billion for fiscal year 2009. GAAP net earnings for 2010 were USD 80.8 million, or USD 0.35 per share, compared to USD 55.0 million, or USD 0.24 per share, for 2009. Adjusted net earnings for 2010 were USD 196.0 million, or USD 0.85 per share, compared to USD 158.5 million, or USD 0.69 per share, for 2009. Fourth Quarter Results Compared to Guidance The company's revenue of USD 1.88 billion and adjusted net earnings of USD 0.26 per share for the fourth quarter of 2010 were at the high end of the company's published guidance, announced on October 28, 2010, of revenue of USD 1.70 - 1.85 billion and adjusted net earnings per share of USD 0.20 - 0.26. "Celestica reported very strong financial results in the fourth quarter, highlighted by 21% sequential revenue growth and the highest returns on invested capital since the company went public in 1998," said Craig Muhlhauser, President and Chief Executive Officer, Celestica. "Our focus continues to be on delivering value for our customers and building momentum for profitable growth in our target markets. "The company begins 2011 well positioned to meet the complex supply chain requirements of our customers, with the opportunity to deliver continued revenue growth and steadily improving returns to our shareholders." First Quarter of 2011 Outlook For the first quarter ending March 31, 2011, the company anticipates revenue to be in the range of USD 1.725 - 1.875 billion, and adjusted net earnings per share to be in the range of USD 0.20 - 0.26. The company expects a negative USD 0.07 - 0.11 per share (pre-tax) impact on an IFRS basis for the following items: quarterly stock-based compensation, amortization of intangible assets (excluding computer software) and restructuring charges as a result of the conversion to IFRS.
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