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Celestica’s Q1 2016 Financial Results Within Guidance
April 22, 2016 | CelesticaEstimated reading time: 2 minutes
Celestica Inc., a global leader in the delivery of end-to-end product lifecycle solutions, today announced financial results for the first quarter ended March 31, 2016.
First Quarter 2016 Highlights
- Revenue: $1.353 billion, within our previously provided guidance range of $1.3 billion to $1.4 billion, increased 4% compared to the first quarter of 2015
- Revenue from our diversified end market grew 24% compared to the first quarter of 2015, and represented 34% of total revenue, up from 28% of total revenue for the first quarter of 2015
- Operating margin (non-IFRS): 3.3%, compared to 3.1% for the first quarter of 2015
- Adjusted EPS (non-IFRS): $0.26 per share, above our previously provided guidance range of $0.19 to $0.25 per share, compared to $0.19 per share for the first quarter of 2015; adjusted EPS for the first quarter of 2016 includes a $0.02 per share net income tax benefit primarily related to favorable taxable foreign exchange (whereas our Q1 2016 guidance range excluded any impact from taxable foreign exchange)
- IFRS EPS: $0.18 per share, compared to $0.11 per share for the first quarter of 2015
- ROIC (non-IFRS): 17.4%, compared to 16.8% for the first quarter of 2015
- Free cash flow (non-IFRS): negative $34.8 million, compared to positive $22.0 million for the first quarter of 2015
- Launched a new normal course issuer bid (NCIB) in February 2016, pursuant to which we repurchased and cancelled 0.4 million subordinate voting shares for $4.3 million; in addition, we pre-funded a $30.0 million program share repurchase under the NCIB in March 2016
“Celestica delivered a solid first quarter, led by strength in our Diversified business, which grew by 24% year-over year,” said Rob Mionis, Celestica’s President and Chief Executive Officer. “We also delivered year-over-year revenue growth and improvements in operating margin, return on invested capital and earnings per share, as a result of our focus on continuous improvement and disciplined cost management.”
“We are pleased with the momentum we are building, as we continue to win new business and ramp new programs, while remaining focused on strong operational performance and financial discipline to drive customer and shareholder value.”
Second Quarter 2016 Outlook
For the second quarter ending June 30, 2016, we anticipate revenue to be in the range of $1.4 billion to $1.5 billion, and non-IFRS adjusted earnings per share to be in the range of $0.25 to $0.31. We expect a negative $0.07 to $0.12 per share (pre-tax) aggregate impact on net earnings on an IFRS basis for employee stock-based compensation expense, amortization of intangible assets (excluding computer software) and restructuring charges.
About Celestica
Celestica is dedicated to delivering end-to-end product lifecycle solutions to drive our customers’ success. Through our simplified global operations network and information technology platform, we are solid partners who deliver informed, flexible solutions that enable our customers to succeed in the markets they serve. Committed to providing a truly differentiated customer experience, our agile and adaptive employees share a proud history of demonstrated expertise and creativity that provides our customers with the ability to overcome complex challenges. For further information about Celestica, visit our website.
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