High tech firm Celestica’s Q1 revenue better than expected sending stock upward

TORONTO – Celestica Inc. shares lifted 8.5 per cent Tuesday after the high-tech manufacturer reported first-quarter revenue of US$1.7 billion, at the top end of its expectations and in line with analysts’ estimates.

The company’s shares (TSX:CLS) were up 71 cents at $9.07 in mid-morning trading on the Toronto Stock Exchange on Tuesday.

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Celestica, which makes computer, communications and personal electronics products at factories around the world, had expected revenue of between US$1.6 billion and US$1.7 billion for the period ended March 31.

Celestica’s net income was $43.2 million or 20 cents per share under International Financial Reporting Standards, up from $30 million or 14 cents per share.

After adjustments, Celestica’s profit was US$53.6 million or 25 cents per share, which was better than the company’s guidance of between 18 to 24 cents per share.