Celestica Announces Third Quarter 2014 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 third quarter ended September 30, 2014.

Third Quarter 2014 Highlights

  • Revenue: $1.423 billion, within the range of our guidance of $1.40 to $1.50 billion (announced July 24, 2014), decreased 5% compared to the third quarter of 2013
  • Revenue from our diversified end market grew 7% from the third quarter of 2013 to represent 29% of total revenue, up from 26% of total revenue for the third quarter of 2013
  • Operating margin (non-IFRS): 3.9%, compared to 3.2% for the third quarter of 2013
  • IFRS EPS: $0.19 per share, compared to $0.31 per share for the third quarter of 2013
  • Adjusted EPS (non-IFRS): $0.26 per share, towards the high end of our guidance of $0.21 to $0.27 per share (announced July 24, 2014), compared to $0.22 per share for the third quarter of 2013
  • ROIC (non-IFRS): 21.3%, compared to 19.8% for the third quarter of 2013
  • Free cash flow (non-IFRS): $92.7 million, compared to $10.4 million for the third quarter of 2013
  • Repurchased and cancelled an aggregate of 1.7 million subordinate voting shares for $20.4 million under our Normal Course Issuer Bid (NCIB) that was completed in August 2014
  • Launched a new NCIB (accepted by the Toronto Stock Exchange in September 2014), pursuant to which 0.7 million subordinate voting shares were repurchased for cancellation for $7.4 million

"Celestica delivered strong operating margin and free cash flow performance in the third quarter driven primarily through our continued focus on operational excellence and favorable program mix," said Craig Muhlhauser, Celestica's President and Chief Executive Officer.

"Despite overall demand softness in the third quarter, primarily in our Communications end market, we improved our adjusted operating margin and generated higher free cash flow compared to the second quarter of this year, as well as to the same period of 2013. While we expect the overall business environment to remain challenging in the near term, we remain committed to investing for the future growth and profitability of Celestica while achieving improvements in our margins, ROIC and free cash flow."

Third Quarter and Year-to-Date Summary


Three months ended
September 30


Nine months ended

September 30


2013


2014


2013


2014

Revenue (in millions)..........................................................

$

1,491.9



$

1,423.1



$

4,359.4



$

4,207.0














IFRS net earnings (in millions)(i).......................................

$

57.4



$

34.4



$

95.9



$

112.6


IFRS EPS(i)............................................................................

$

0.31



$

0.19



$

0.52



$

0.62














Adjusted net earnings (non-IFRS) (in millions) (ii) .........

$

41.5



$

47.2



$

110.1



$

139.2


Adjusted EPS (non-IFRS) (ii) ...............................................

$

0.22



$

0.26



$

0.59



$

0.77


Non-IFRS return on invested capital (ROIC) (ii) ...............

19.8

%


21.3

%


17.4

%


19.0

%

Non-IFRS operating margin (ii) ...........................................

3.2

%


3.9

%


2.9

%


3.5

%

i.   


International Financial Reporting Standards (IFRS) net earnings for the third quarter of 2014 included an aggregate charge of $0.04 (pre-tax) per share for employee stock-based compensation expense and amortization of intangible assets (excluding computer software). This is within the range we provided on July 24, 2014 of an aggregate charge of between $0.03 and $0.07 per share for these items (see the tables in Schedule 1 attached hereto for per-item charges).

ii.  


Non-IFRS measures do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other public companies that use IFRS or other generally accepted accounting principles (GAAP). See "Non-IFRS Supplementary Information" below for information on our rationale for the use of non-IFRS measures, and Schedule 1 for, among other items, non-IFRS measures included in this press release, as well as their definitions, uses, and a reconciliation of non-IFRS to IFRS measures (where a comparable IFRS measure exists).


1 | 2 | 3 | 4 | 5 | 6 | 7  Next Page »



Review Article Be the first to review this article
Featured Video
Editorial
Peggy AycinenaWhat Would Joe Do?
by Peggy Aycinena
Qualcomm’s Lu Dai: Energetic leadership for Accellera
More Editorial  
Jobs
Sr. Staff Design SSD ASIC Engineer for Toshiba America Electronic Components. Inc. at San Jose, CA
Principal Engineer FPGA Design for Intevac at Santa Clara, CA
Development Engineer-WEB SKILLS +++ for EDA Careers at North Valley, CA
FAE FIELD APPLICATIONS SAN DIEGO for EDA Careers at San Diego, CA
SOC Logic Design Engineer for Global Foundaries at Santa Clara, CA
Technical Marketing Manager Valley for EDA Careers at San Jose, CA
Upcoming Events
IoT Summit 2017 at Great America ballroom, Santa Clara Convention Center Santa Clara CA - Mar 16 - 17, 2017
SNUG Silicon Valley 2017 at Santa Clara Convention Center Santa Clara CA - Mar 22 - 23, 2017
CDNLive Silicon Valley 2017 at Santa Clara Convention Center Santa Clara CA - Apr 11 - 12, 2017
10th Anniversary of Cyber-Physical Systems Week at Pittsburgh, PA, USA PA - Apr 18 - 21, 2017



Internet Business Systems © 2017 Internet Business Systems, Inc.
595 Millich Dr., Suite 216, Campbell, CA 95008
+1 (408)-337-6870 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering TechJobsCafe - Technical Jobs and Resumes GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy Policy