April 23, 2014 - 4:28 AM
TORONTO - Celestica Inc. (TSX:CLS) says it had US$47.1 million of adjusted net earnings in the first quarter, or US$37.3 million under standard accounting — both up substantially from the same time last year.
The adjusted earnings amounted to 26 cents per share — above the high end of Celestica's guidance and up from 16 cents per share in the first quarter of 2013.
However, Celestica's revenue for the quarter ended March 31 was US$1.312 billion, down four per cent from US$1.372 billion in the first three months of last year and at the low end of Celestica's guidance range issued in January.
The revenue was also below analysts estimates of nearly US$1.36 billion of revenue and while the adjusted earnings met or beat estimates of 20 cents US per share, according to Thomson Reuters data.
The Toronto-based global company said its adjusted earnings were assisted by a tax benefit worth six cents per share and, excluding that, would have been 20 cents per share.
The company's guidance in January called for between US$1.30 billion and US$1.40 billion of revenue and adjusted earnings per share of between 17 and 23 cents US of adjusted earnings.
News from © The Canadian Press, 2014