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Celestica Reports Q3 2018 Financial Results
October 25, 2018 | Globe NewswireEstimated reading time: 14 minutes
Celestica Inc. published its financial results for the quarter ended September 30, 2018, and its intention to launch a new normal course issuer bid. During the first quarter of 2018, Celestica completed a reorganization of its business into two operating and reportable segments — advanced technology solutions (ATS) and connectivity and cloud solutions (CCS). Celestica also adopted new accounting standards effective January 1, 2018, and prior period comparatives have been restated. See “Adoption of IFRS 15” below.
Third Quarter 2018 Highlights
- Revenue: $1.71 billion, compared to our previously provided guidance range of $1.65 to $1.75 billion, increased 12% compared to the third quarter of 2017; Operating margin (non-IFRS): 3.3%, consistent with the mid-point of our revenue and non-IFRS adjusted EPS guidance ranges for the quarter, and 3.6% for the third quarter of 2017
- Revenue dollars from our ATS segment increased 17% compared to the third quarter of 2017, and represented 33% of total revenue, compared to 31% of total revenue for the third quarter of 2017; ATS segment margin was 4.6% compared to 5.1% for the third quarter of 2017
- Revenue dollars from our CCS segment increased 9% compared to the third quarter of 2017, and represented 67% of total revenue, compared to 69% of total revenue for the third quarter of 2017; CCS segment margin was 2.7% compared to 3.0% for the third quarter of 2017
- IFRS EPS: $0.06 per share, compared to $0.24 per share for the third quarter of 2017
- Adjusted EPS (non-IFRS): $0.26 per share, compared to our previously provided guidance range of $0.26 to $0.32 per share, and $0.31 per share for the third quarter of 2017; Adjusted EPS for the third quarter of 2018 included a $0.03 per share negative impact resulting primarily from taxable foreign exchange (see below)
- Adjusted ROIC (non-IFRS): 16.2%, compared to 19.1% for the third quarter of 2017
- Free cash flow (non-IFRS): $24.6 million, compared to $(44.1) million for the third quarter of 2017
- Entered into a definitive agreement to acquire Impakt Holdings, LLC (Impakt)
- Repurchased and cancelled 1.9 million subordinate voting shares for $23.3 million (including transaction fees) under our current normal course issuer bid
“Celestica delivered solid revenue growth in both our ATS and CCS segments in the third quarter, as well as continued sequential expansion of our consolidated margin,” said Rob Mionis, president and CEO, Celestica. “We were particularly pleased with the performance of our CCS business, which delivered steady margin improvements each quarter this year.”
“As we finish 2018, we are excited with the progress we are making on our strategy launched three years ago to diversify our revenue mix and deliver better overall financial performance. While we recognize there is still more work to do, we believe that our progress to date is encouraging, and positions us to enter 2019 with improving financial results, a more efficient global network, and resources that are focused on end market opportunities better aligned to our strengths and strategy.”
*Our ATS segment consists of our ATS end market, and is comprised of our aerospace and defense, industrial, smart energy, healthtech, and capital equipment businesses. Capital equipment includes semiconductor capital equipment, and has been renamed to reflect the expanding nature of our business in this market. Our CCS segment consists of our Communications and Enterprise end markets, and is comprised of our enterprise communications, telecommunications, servers and storage businesses.
International Financial Reporting Standards (IFRS) earnings per share (EPS) for the third quarter of 2018 included an aggregate charge of $0.19 (pre-tax) per share for employee stock-based compensation expense, amortization of intangible assets (excluding computer software), Toronto transition costs (described on Schedule 1 attached hereto), and restructuring charges (see the tables in Schedule 1 and note 13 to the Q3 2018 Interim Financial Statements for per-item charges). This aggregate charge is within the range we provided on July 31, 2018 of between $0.17 to $0.23 per share for these items.
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