Celestica tops fourth-quarter revenue forecast, but misses income expectations
Electronics manufacturer has seen shares drop 11 per cent since Jan. 1
TORONTO—Celestica Inc. on Wednesday reported fourth-quarter net income of $12.1 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Toronto-based company said it had net income of 8 cents. Earnings, adjusted for one-time gains and costs, were 27 cents per share.
The results missed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 30 cents per share.
The electronics manufacturing services company posted revenue of $1.51 billion in the period, topping Street forecasts. Three analysts surveyed by Zacks expected $1.43 billion.
For the year, the company reported profit of $66.9 million, or 42 cents per share. Revenue was reported as $5.64 billion.
For the current quarter ending in April, Celestica said it expects revenue in the range of $1.3 billion to $1.4 billion.
Celestica shares have dropped 11 per cent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $9.83, a drop of 12 per cent in the last 12 months.