Celestica limits year-year decline, does better than expected in second quarter

TORONTO – Celestica Inc. (TSX:CLS) reports its adjusted earnings were better than expected in the second quarter, coming in at 21 cents US per share.

That was down a penny from the same time last year but better than the Toronto-based electronics manufacturing company or analysts had expected.

Analysts had been looking for Celestica to deliver 17 cents per share of adjusted EPS — midway in the company’s range of between 13 and 19 cents per share.

Celestica also beat expectations in terms of revenue and net income.

The company knew it would take a hit from losing BlackBerry (TSX:BB) as a customer as a result of the smartphone company’s slimmed-down strategy.

As it turned out, Celestica’s revenue was US$1.495 billion — down 14 per cent from a year earlier but up three per cent if BlackBerry were excluded.

Analysts had estimated the company would have $1.438 billion of revenue andeight cents of net income, compared with 15 cents reported by the company.

a????