NEW YORK (AP) — Celestica's second-quarter net income climbed 19 percent, buoyed by better-than-expected demand in its communications end market.
The Canadian company's results beat analysts' estimates. Its share rose to a multi-year high Friday.
Celestica Inc. earned $28 million, or 15 cents per share, for the three months ended June 30. A year earlier it earned $23.6 million, or 11 cents per share.
Stripping out certain items, earnings were 21 cents per share.
Analysts polled by FactSet expected earnings of 17 cents per share.
Shares of Celestica gained 66 cents, or 7 percent, to $10.18 in afternoon trading. The stock hit $10.41 earlier in the session, the highest point since May 2011.
Revenue fell 14 percent to $1.5 billion from $1.74 billion, but still managed to beat the $1.44 billion that Wall Street forecast.
The communications-end market comprised 42 percent of total revenue in the quarter, up from 32 percent in the prior-year period. The diversified end market, which includes industrial, aerospace and defense, health care, solar, green technology, semiconductor equipment and other, made up 25 percent of total revenue compared with 19 percent a year ago.
Looking ahead, Celestica Inc. anticipates third-quarter adjusted earnings of 17 cents to 23 cents per share. Revenue is expected in a range of $1.43 billion to $1.53 billion. Analysts forecast earnings of 20 cents per share on revenue of $1.5 billion.