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Electronics Production | January 28, 2005

Celestica reports fourth quarter revenue

Revenue was $2,333 million, up 22% from $1,915 million in the fourth quarter of 2003 and up 7% sequentially from the September quarter.
For the first quarter ending March 31, 2005, the company anticipates revenue to be in the range of $2.0 billion to $2.225 billion and adjusted earnings per share ranging from $0.10 to $0.18. Revenue guidance reflects normal seasonality for the period, while adjusted net earnings continue to realize the benefits of operational efficiencies and additional cost savings from restructuring activities.
To improve capacity utilization in a more cautious end-market growth environment, the company plans to further restructure its operations and expects to incur additional restructuring charges in the range of $225 - $275 million during 2005. The restructuring will include some plant closures and a 10-15% reduction of the company's global workforce (approximately 5,500 employees) over the next 15 months.

"While we have substantially strengthened our operations, further improvement is needed. We have spent the past nine months carefully reviewing the business and assessing our operating footprint and, as a result, we have made the decision to further consolidate operations, largely in the higher cost geographies. This initiative will allow us to reduce underutilized assets throughout our organization. In the future, we believe we can generate satisfactory returns while providing our customers with exceptional service, said Steve Delaney, CEO, Celestica."

Read the full report here (www.celestica.com)

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