Thursday, electronic equipment manufacturer Celestica Inc. (CLS,CLS.TO), reported a loss for the third quarter compared with a profit last year. Looking forward, the company provided guidance for the fourth quarter.
The Toronto, Canada-based company announced that its third-quarter net loss was US$0.6 million, compared with net earnings of US$32.1 million reported for the year-ago period. On a per share basis, earnings broke even for the quarter, compared with US$0.14 per share reported last year.
Adjusted net earnings for the quarter declined to US$39.5 million or US$0.17 per share from US$54.3 million or US$0.24 per share for the same period last year.
On average, 12 analysts polled by Thomson Reuters expected the company to report earnings of US$0.15 per share for the quarter. Analysts' estimates typically exclude special items.
The company noted that the year-over-year change reflected the impact of weaker end-market demand, as well as higher restructuring costs in 2009 associated with the company's previously announced restructuring program.
Revenues for the quarter fell to US$1.556 billion from US$2.031 billion reported for the third quarter of 2008. Ten analysts had expected the company to report revenues of US$1.51 billion for the quarter.
Operating margin for the third quarter was 3.4%, lower than 3.2% reported last year. The company cut down direct expenses to US$1.48 billion from US$1.88 billion in the comparable period last year.
Net earnings for the nine-month period were US$23.9 million or US$0.10 per share compared with US$101.7 million or US$0.44 per share for the same period last year. Adjusted net earnings were US$93.8 million or US$0.41 per share, compared to US$128.6 million or US$0.56 per share for the same period in 2008. Revenue for the nine-months declined to US$4.428 billion from US$5.743 billion last year.
Looking ahead to the fourth quarter, the company anticipates revenue to be in the range of US$1.55 billion to US$1.70 billion, and adjusted net earnings per share to range from US$0.14 to US$0.20.
Analysts anticipate the company to earn US$0.17 per share on revenues of US$1.58 billion for the fourth quarter.
CLS finished Thursday's regular trading sessions at US$9.15, up 0.33% on the NYSE. In after hours trading, shares lost 4.48% down by 41 cents.
CLS.TO last traded at C$9.65 on Thursday, up 2.01% on the Toronto Stock Exchange.
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