Thursday, Celestica Inc. (CLS,CLS.TO), a provider of electronic manufacturing services, reported profit for the second quarter, despite lower revenue. The company also provided third quarter outlook, which within analysts' current estimated range.
GAAP net earnings were US$39.8 million or US$0.17 per share, compared to a GAAP net loss of US$19.2 million or US$0.08 per share in the prior-year quarter.
Adjusted net earnings would have been US$38.9 million or US$0.17 per share, higher than US$4.9 million or US$0.02 per share in the year-ago quarter. On average, fifteen analysts polled by First Call/Thomson Financial expected the company to earn US$0.17 per share for the second quarter.
Adjusted net earnings/loss is defined as net earnings before other charges, amortization of intangible assets, integration costs related to acquisitions, option expense, option exchange costs and gains or losses on the repurchase of shares and debt, net of tax and significant deferred tax write-offs or recovery.
Revenue for the second quarter declined to US$1.88 billion from US$1.94 billion in the same quarter last year. Twelve analysts had a consensus revenue estimate of US$1.93 billion for the second quarter.
Gross profit increased to US$125.5 million from US$90.6 million in the year-ago quarter.
For the first half of 2008, the company posted GAAP net earnings of US$69.6 million or US$0.30 per share, compared to a GAAP net loss of US$53.5 million or US$0.23 per share in the previous year period.
Adjusted net earnings were US$74.3 million or US$0.32 per share, compared to an adjusted net loss of US$4.2 million or US$0.02 per share in the prior year period.
Revenue for the year-to-date period declined to US$3.71 billion from US$3.78 billion in the preceding year period.
Looking ahead, the company anticipates third quarter adjusted net earnings of US$0.17 to US$0.23 per share and revenue between US$1.9 billion and US$2.1 billion. Street expects earnings of US$0.20 per share on revenue of US$2.14 billion for the third quarter.
CLS closed Thursday's regular trading session at US$8.50, up 14 cents or 1.67%. However, in the after-hours, the shares lost 20 cents or 2.35%. CLS.TO ended Thursday's regular trading session at C$8.63, up 22 cents or 2.62%.
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