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Electronics Production | July 22, 2011

Celestica reports revenue of USD 1.83 billion for 2Q

Revenue for the second quarter (ended June 30, 2011) was USD 1.83 billion, compared to USD 1.59 billion in the second quarter of 2010.

IFRS net earnings were USD 45.7 million, or USD 0.21 per share, compared to IFRS net earnings of USD 13.0 million, or USD 0.06 per share, for the same period last year. IFRS net earnings for the second quarter of 2011 included the following recurring items, which together resulted in a USD 0.06 per share (pre-tax) charge: stock-based compensation, amortization of intangible assets (excluding computer software) and restructuring charges. This aggregate (pre-tax) charge was within the range provided on April 21, 2011 of between USD 0.05-0.08 per share. Adjusted net earnings for the quarter were USD 58.7 million, or USD 0.27 per share, compared to USD 50.4 million, or USD 0.22 per share, for the same period last year. The term adjusted net earnings is a non-IFRS 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. Detailed IFRS financial statements and supplementary information related to adjusted net earnings and other non-IFRS measures appear at the end of this press release. For the six months ended June 30, 2011, revenue was USD 3.63 billion, compared to USD 3.10 billion for the same period in 2010. IFRS net earnings were USD 75.7 million, or USD 0.34 per share, compared to USD 41.5 million, or USD 0.18 per share, for the same period last year. Adjusted net earnings for the six months ended June 30, 2011 were USD 113.4 million, or USD 0.52 per share, compared to USD 93.9 million, or USD 0.40 per share, for the same period in 2010. Second Quarter Results Compared to Guidance The company's revenue of USD 1.83 billion and adjusted net earnings of USD 0.27 per share for the second quarter of 2011 were within the company's published guidance range, announced on April 21, 2011, of revenue of USD 1.75-1.90 billion and adjusted net earnings per share of USD 0.22-0.28. "Celestica had strong financial results in the second quarter as we delivered robust margin expansion and we achieved 15% year-over-year revenue growth," said Craig Muhlhauser, President and Chief Executive Officer, Celestica. "New business awards from 2010 are contributing to our revenue growth and operating margins are benefiting from a favorable revenue mix and higher operating efficiencies from recently ramped programs." "We anticipate the current global economic environment will drive continued volatility in customer demand. Despite this environment, Celestica remains focused on providing industry-leading flexibility and operational performance to support our customers' success and delivering on our 2011 revenue growth, operating margin and ROIC targets." End Markets by Quarter The following table sets forth revenue by end market as a percentage of total revenue for the periods indicated: © Celestica / Images has zoom-function. Third Quarter of 2011 Outlook For the third quarter ending September 30, 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 0.23-0.29. The company expects a negative USD 0.05-0.07 per share (pre-tax) aggregate impact on an IFRS basis for the following recurring items: stock-based compensation, amortization of intangible assets (excluding computer software) and restructuring charges.
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