Celestica Q3 Profit Tops Estimate; Revenue Falls Short; CEO Muhlhauser To Retire

(RTTNews) - Celestica Inc. (CLS.TO, CLS) reported net income for the third quarter of US$34.4 million or US$0.19 per share, compared to US$57.4 million or US$0.31 per share for the year-ago quarter.

Excluding items, adjusted net income for the third quarter was US$47.2 million or US$0.26 per share, compared to US$41.5 million or US$0.22 per share in the prior year quarter.

Revenue for the third quarter fell to US$1.42 billion from US$1.49 billion a year ago.

Analysts polled by Thomson Reuters expected the company to earn US$0.24 per share on revenue of US$1.46 billion for the third quarter. Analysts' estimates typically exclude special items.

Looking forward to the fourth quarter, the company forecasts revenue of US$1.375 billion to US$1.475 billion and adjusted earnings per share of US$0.21 to US$0.27. Analysts currently expect the company to earn US$0.26 per share on revenue of US$1.50 billion for the fourth quarter.

Separately, Celestica said that its President and Chief Executive Officer, Craig Muhlhauser, has informed the Board of Directors of his intent to retire as an officer and director of the company by the end of 2015, beginning an orderly leadership transition over the next twelve months.

The company said its board has formed a committee and engaged Spencer Stuart to support a comprehensive search process to identify the next CEO, considering both external and internal candidates.