Business
Celestica announces third quarter financial results
Celestica announces third quarter financial results
About this update from Celestica Inc.
[{"type":"text","content":"\n\n\n\nOct. 22, 2009 (Canada NewsWire Group) -- TORONTO, Oct. 22 /CNW/ -- 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, 2009.Revenue for the quarter was $1,556 million, compared to $2,031 million in the third quarter of 2008. GAAP net loss was $0.6 million, or $0.00 per share, compared to GAAP net earnings of $32.1 million, or $0.14 per share, for the same period last year. The year-over-year change reflects the impact of weaker end-market demand, as well as higher restructuring costs in 2009 associated with the company's previously announced restructuring program.Adjusted net earnings for the quarter were $39.5 million, or $0.17 per share, compared to adjusted net earnings of $54.3 million, or $0.24 per share, for the same period last year. The term adjusted net earnings is a non-GAAP measure defined as net earnings before other charges, amortization of intangible assets (excluding amortization of computer software), option expense, gains or losses related to the repurchase of shares and debt, net of tax and significant deferred tax write-offs or recoveries. Detailed GAAP financial statements and supplementary information related to adjusted net earnings appears at the end of this press release.The company's revenue and adjusted net earnings for the third quarter of 2009 met the high end of the company's published guidance, announced on July 23, 2009, of revenue of $1.425 billion to $1.575 billion and adjusted net earnings per share of $0.11 to $0.17.For the nine months ended September 30, 2009, revenue was $4,428 million, compared to $5,743 million for the same period in 2008. GAAP net earnings were $23.9 million, or $0.10 per share, compared to $101.7 million, or $0.44 per share, for the same period last year. Adjusted net earnings for the nine months ended September 30, 2009 were $93.8 million, or $0.41 per share, compared to $128.6 million, or $0.56 per share, for the same period in 2008.\"Celestica continues to deliver improved operating performance and financial results despite a very challenging and volatile business environment,\" said Craig Muhlhauser, President & CEO. \"One of the company's goals during this downturn was to continue to deliver on our commitments to our customers an...