Celestica News

Celestica News


The CanadianPress


Thursday, July 23, 2009

TORONTOCelestica Inc.is launching a $75-million (U.S.) to $100-million restructuringprogram to cut costs as weak market conditions continue to sapdemand for the electronic goods it manufacturers.

The Toronto-based electronics contract manufacturer reported netearnings of $5.2-million or two cents per share for the quarterended June 30, down 87 per cent from year-earlier profits of$39.8-million or 17 cents per share.

Adjusted net earnings for the quarter were $25-million, or 11cents per share, compared to adjusted net earnings of$38.9-million, or 17 cents per share, for the same period lastyear.

Quarterly revenue to sagged to $1.4-billion from $1.9-billionbooked during the same quarter the year before.

Celestica's revenues and adjusted earnings were slightly above aconsensus estimate compiled by Thomson Reuters, which called forrevenue of $1.387-billion and adjusted earnings of 10 cents pershare.

“Celestica's second quarter financial results reflect ourcontinued success at driving quality and efficiency throughout thecompany while delivering value for our customers, despite thechallenging economic environment,” chief executive Craig Muhlhausersaid in a statement.

“The combination of our financial strength, operationalexcellence and the speed and flexibility of Celestica's globalsupply chain network creates a unique advantage to support ourfuture growth and profitability as markets begin to improve.”

The Toronto-headquartered company, which has factories aroundthe world that make products for the communications, informationtechnology and consumer electronics industries, also provided anoutlook that predicts revenues in the current quarter will remainabout the same.

For the third quarter ending Sept. 30, the company anticipatesrevenue to be in the range of $1.425-billion to $1.575-billion, andadjusted net earnings per share to range from 11 cents to 17 cents.That's within a range of estimates compiled by Thomson Reuters.

Celestica is controlled by Onex Corp., oneof Canada's largest companies.


© CanadianPress

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