Workers assemble components at a Celestica factory in the southern China city of Dongguan.Vincent Yu
Celestica Inc. has reported a profit in its latest quarter, compared with a loss a year ago when the company took a massive charge to goodwill.
The contract electronics manufacturer said on Wednesday it earned $31.1-million (U.S.), or 13 cents per diluted share, for the quarter ended Dec. 31.
The profit compared with a loss of $822.2-million, or $3.58 per share a year ago, when the company took a one-time charge of $850.5-million.
Revenue totalled $1.66-billion, down from $1.94-billion.
The average analyst estimate according to Thomson Reuters had been for earnings of 18 cents per share and $1.65-billion in revenue.
Excluding stock-based compensation, the company reported adjusted earnings of $49.5-million, or 21 cents per share, for the most recent quarter, compared with $65.2-million, or 28 cents per share, for the same period a year earlier.
"Celestica continued to deliver strong operational and financial performance in the fourth quarter as end-market demand strengthened," president and chief executive officer Craig Muhlhauser said in a statement.
"In 2009, our continuously improving operational effectiveness and cost productivity resulted in some of the strongest financial results in the company's history."
In its outlook, the company said it expected revenue for the first quarter of 2010 to be between $1.45-billion and $1.6-billion. Adjusted earnings per share are forecast to be in the range of 15 cents to 21 cents.
The company also said Wednesday it would exercise its option to redeem all of its outstanding 7.625 per cent senior subordinated notes due 2013.
The outstanding principal amount of the notes is $223.1-million.
The redemption will be at a price of 103.813 per cent of the principal amount, together with accrued and unpaid interest to the redemption date.