Celestica announces fourth quarter and fiscal year 2012 financial results

(PRNewswire) — Celestica Inc. (NYSE, TSX: CLS), a global leader in the delivery of end-to-end product lifecycle solutions, today announced financial results for the fourth quarter and fiscal year ended December 31, 2012.

Fourth Quarter 2012 Highlights

  • Revenue:  $1.50 billion, within the range of our guidance of $1.425 to $1.525 billion (announced October 23, 2012)
  • IFRS EPS:  $0.04 per share, compared to $0.32 per share for the fourth quarter of 2011
  • Adjusted EPS (non-IFRS):  $0.25 per share, above our guidance of $0.15 to $0.21 per share (announced October 23, 2012) and includes a $0.06 per share net income tax recovery
  • Free cash flow (non-IFRS):  $90.2 million, compared to $89.0 million for the fourth quarter of 2011
  • Diversified end markets: 23% of total revenue, increased from 18% of total revenue for the fourth quarter of 2011

Fiscal Year 2012 Highlights

  • Revenue:  $6.51 billion, down 10% from 2011
  • IFRS EPS:  $0.56 per share, compared to $0.89 per share for 2011
  • Adjusted EPS (non-IFRS):  $0.98 per share, compared to $1.11 per share for 2011
  • Free cash flow (non-IFRS):  $211.4 million, up 47% from prior year
  • Diversified end markets: 20% of total revenue, increased from 14% of total revenue for 2011
  • Repurchased and cancelled 22.4 million subordinate voting shares under a substantial issuer bid for $175 million
  • Repurchased and cancelled 13.3 million subordinate voting shares under a Normal Course Issuer Bid for $113.8 million
  • Recorded $44.0 million of restructuring charges and $17.7 million of asset impairment charges
  • Acquired D&H Manufacturing Company for $71 million in September 2012

"Celestica delivered revenue and operating profit consistent with our guidance, and generated strong free cash flow in the fourth quarter, despite continued softness in end market demand." said Craig Muhlhauser, Celestica President and Chief Executive Officer. "We overcame a challenging environment in 2012 and posted solid financial results, while continuing to invest in the business and returning over $280 million to our shareholders through share repurchases during the year.

"We are entering 2013 with a solid foundation to execute our strategy and capitalize on the opportunities before us.  We remain focused on driving profitable growth and creating superior value for our customers and our shareholders."

Fourth Quarter and Fiscal Year  2012 Summary

  Three months ended
December 31
  Fiscal year ended
December 31
  2011   2012   2011   2012
Revenue (in millions) ........................................ $ 1,753.4     $ 1,496.2     $ 7,213.0     $ 6,507.2  
               
IFRS net earnings (in millions) (i) ...................... $ 69.2     $ 7.2     $ 195.1     $ 117.7  
IFRS EPS(i) ....................................................... $ 0.32     $ 0.04     $ 0.89     $ 0.56  
               
Adjusted net earnings (non-IFRS) (in millions)(ii)   $ 71.1     $ 50.3     $ 241.9     $ 205.8  
Adjusted EPS (non-IFRS)(i)(ii) ............................ $ 0.33     $ 0.25     $ 1.11     $ 0.98  
Non-IFRS return on invested capital (ROIC)(ii) ...  27.5 %   18.4 %   27.5 %   21.5 %
Non-IFRS operating margin(ii) ............................ 3.8 %   3.1 %   3.6 %   3.3 %

i.     International Financial Reporting Standards (IFRS) net earnings for the fourth quarter of 2012 included an aggregate charge of $0.13 (pre-tax) per share for stock-based compensation, amortization of intangible assets (excluding computer software) and restructuring charges. This is within the range we provided on October 23, 2012 of a charge between $0.08 and $0.14 per share. IFRS net earnings for the fourth quarter of 2012 also included a $0.09 (pre-tax) per share impairment charge, primarily against goodwill. Included in the fourth quarter of 2012 adjusted EPS (non-IFRS) of $0.25 was a net income tax benefit of $0.06 per share arising from a corporate tax reorganization involving certain of our European subsidiaries and changes to our tax provisions related to certain tax uncertainties.

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