TORONTO – Celestica Inc. (TSX:CLS) reports it had 16 cents per share of adjusted earnings, or US$30 million, in the first quarter — just short of analyst estimates but at the high end of the Toronto-based manufacturing company’s own guidance.
Its revenue for the three months ended March 31 was US$1.37 billion, down about 19 per cent from the same time last year due to the loss of work for Research In Motion, now called BlackBerry (TSX:BB).
Celestica, which manufacturers equipment for a number of brand-name companies, says non-BlackBerry revenue was stable from year-to-year and within its own expectations.
Analysts had been looking for 15 cents per share of adjusted EPS and $1.4 billion of revenue, according to consensus estimates compiled by Thomson Reuters.
The company’s own guidance in January was for adjusted earnings of between 11 and 17 cents per share.
The company, which reports in U.S. currency, also saw its net income fall to $10.5 million or six cents per share from $43.2 million or 20 cents per share in the first quarter of 2012.
“Celestica delivered first quarter revenue consistent with our expectations, while achieving profitability at the high end of the guidance range driven through solid execution and disciplined cost management,” said Craig Muhlhauser, Celestica President and Chief Executive Officer.
“With the overall economic outlook expected to remain challenging, we continue to focus our efforts on delivering value to our customers through strong operational performance, and on improving our financial performance through productivity improvements and effectively managing our costs and resources, while making the necessary investments to support our longer term objectives.”