© stevanovicigor dreamstime.com Electronics Production | October 24, 2016
Celestica tops Q3 revenue guidance and announces acquisition
The Canadian EMS provider recorded revenues of USD 1.55 billion during its third quarter of 2016, at the high end of its previously provided guidance range of USD 1.475 to USD 1.575 billion.
Celestica's revenues increased 5% sequentially and 10% compared to the third quarter of 2015 Revenue from its diversified end market grew 9% compared to the third quarter of 2015, and represented 30% of total revenue for the third quarter of 2015 and 2016. Operating margin (non-IFRS) ended up at 3.8%, above the company’s previously provided mid-point of its expectations of 3.6%, and consistent with the third quarter of 2015. Non-IFRS adjusted net earnings amounted to USD 62 million in the company’s third quarter of 2016, up from 31.4 million during the same quarter last year. ROIC (non-IFRS): landed on 21.2%, compared to 20.9% for the third quarter of 2015 “Celestica delivered 10% year-over-year revenue growth in the third quarter with adjusted operating margin above the mid-point of our guidance,” said Rob Mionis, Celestica’s President and Chief Executive Officer. “We also achieved our fourth straight quarter of year-over-year revenue growth, and generated $100 million of free cash flow with year-over-year improvements in return on invested capital and earnings per share.” In its third quarter report, Celestica also announces that it has entered into an asset purchase agreement with Lorenz, Inc. and Suntek Manufacturing Technologies, SA de CV, collectively known as Karel Manufacturing (Karel), a Mexico-based manufacturing services company that specializes in wire harness assembly, machining, sheet metal fabrication, and systems integration of aerospace products. This acquisition is intended to expand Celestica's capabilities and to accelerate its growth in the aerospace and defense market. The transaction is subject to customary conditions and is expected to close in the fourth quarter of 2016.
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