Business
Celestica announces second quarter 2007 financial results
Celestica announces second quarter 2007 financial results.
About this update from Celestica Inc.
[{"type":"text","content":"\n\n\n\n Second Quarter Summary\n ----------------------\n\n- Revenue of $1,937 million, up 5% sequentially from first quarter of\n 2007 and down 13% year-over-year\n- GAAP earnings per share of $0.11 (including the benefit of a net tax\n recovery of $32 million or $0.14 per share) compared to a loss of\n ($0.13) per share last year\n- Adjusted net earnings per share of $0.02 compared to $0.13 per share\n a year ago\n- Inventory turns of 7.3x compared to 6.2x in the first quarter of 2007\n- Cash generated from operations of $56 million\n- Q3 revenue guidance of $2.0 - $2.2 billion, adjusted net earnings per\n share of $0.04 - $0.12\n\n(All amounts in U.S. dollars. Per share information based on diluted\nshares outstanding unless noted otherwise.)\n\n\nTORONTO, July 26 /CNW/ - Celestica Inc. (NYSE and TSX: CLS), a world\nleader in electronics manufacturing services (EMS), today announced financial\nresults for the second quarter ended June 30, 2007.\n\n\nRevenue was $1,937 million, down 13% from $2,224 million in the second\nquarter of 2006. Net earnings on a GAAP basis for the second quarter were\n$24.9 million or $0.11 per share, compared to GAAP net loss of ($30.3) million\nor ($0.13) per share for the same period last year. Included in GAAP net\nearnings for the quarter are the impacts of a $32 million net deferred tax\nrecovery related primarily to the tax benefit of previous years' write-down of\nrestructured Canadian operations and restructuring charges of $2.5 million.\nFor the same period in 2006, restructuring charges were $20 million.\n\n\nAdjusted net earnings for the quarter were $4.9 million or $0.02 per\nshare compared to adjusted net earnings of $29.1 million or $0.13 per share\nfor the same period last year. The term adjusted net earnings is defined as\nnet earnings before amortization of intangible assets, gains or losses on the\nrepurchase of shares and debt, integration costs related to acquisitions,\noption expense, option exchange costs and other charges, net of tax and\nsignificant deferred tax write-offs or recovery (detailed GAAP financial\nstatements and supplementary information related to adjusted net earnings\nappear at the end of this press release). These results compare with the\ncompany's guidance for the second quarter, announced on April 25, 2007, of\nrevenue in the range of $1.85 billion to $2....