Q3 2023 NON-IFRS ADJUSTED EPS* ABOVE HIGH END OF GUIDANCE RANGE; 2023 FULL YEAR OUTLOOK RAISED
(All amounts in U.S. dollars. Per share information based on diluted
shares outstanding unless otherwise noted.)

TORONTO, Oct. 25, 2023 (GLOBE NEWSWIRE) -- Celestica Inc. (TSX: CLS) (NYSE: CLS), a leader in design, manufacturing, hardware platform and supply chain solutions for the world’s most innovative companies, today announced financial results for the quarter ended September 30, 2023 (Q3 2023)†.

“Our solid Q3 2023 results and year-to-date performance have positioned us to exceed our previously-issued 2023 annual financial outlook and deliver new company highs for non-IFRS adjusted EPS* and non-IFRS operating margin*,” said Rob Mionis, President and CEO, Celestica.

“We are confident in our long-term strategy and our ability to deliver strong and consistent financial results. We are also pleased to reiterate our 2024 outlook for non-IFRS adjusted EPS* growth of 10%, or more, compared to our increased 2023 annual outlook."

Q3 2023 Highlights

Key measures:
Revenue: $2.04 billion, increased 6% compared to $1.92 billion for the third quarter of 2022 (Q3 2022).
Non-IFRS operating margin*: 5.7%, compared to 5.1% for Q3 2022.
ATS segment revenue increased 12% compared to Q3 2022; ATS segment margin was 4.9%, compared to 5.0% for Q3 2022.
CCS segment revenue increased 2% compared to Q3 2022; CCS segment margin was 6.2%, compared to 5.2% for Q3 2022.
Adjusted earnings per share (EPS) (non-IFRS)*: $0.65, compared to $0.52 for Q3 2022.
Adjusted return on invested capital (adjusted ROIC) (non-IFRS)*: 21.5%, compared to 19.2% for Q3 2022.
Adjusted free cash flow (non-IFRS)*: $34.1 million, compared to $7.4 million for Q3 2022.
Most directly comparable IFRS financial measures to non-IFRS measures above:
Earnings from operations as a percentage of revenue: 5.7%, compared to 4.1% for Q3 2022.
EPS: $0.67, compared to $0.37 for Q3 2022.
Return on invested capital (IFRS ROIC): 21.8%, compared to 15.3% for Q3 2022.
Cash provided by operations: $88.4 million, compared to $74.4 million for Q3 2022.
† Celestica has two operating and reportable segments: Advanced Technology Solutions (ATS) and Connectivity & Cloud Solutions (CCS). Our ATS segment consists of our ATS end market and is comprised of our Aerospace and Defense (A&D), Industrial, HealthTech and Capital Equipment businesses. Our CCS segment consists of our Communications and Enterprise (servers and storage) end markets. Segment performance is evaluated based on segment revenue, segment income and segment margin (segment income as a percentage of segment revenue). See note 3 to our September 30, 2023 unaudited interim condensed consolidated financial statements (Q3 2023 Interim Financial Statements) for further detail.

* Non-International Financial Reporting Standards (IFRS) financial measures (including ratios based on non-IFRS financial measures) do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar financial measures presented by other public companies that report under IFRS or U.S. generally accepted accounting principles (GAAP). See “Non-IFRS Supplementary Information” below for information on our rationale for the use of non-IFRS financial measures. See Schedule 1 for, among other items, non-IFRS financial measures included in this press release, their definitions, uses, and a reconciliation of historical non-IFRS financial measures to the most directly comparable IFRS financial measures. Schedule 1 also includes a description of modifications to the calculation of certain non-IFRS financial measures resulting from: (x) a recently-applicable exclusion related to our total return swap; and (y) the recent addition of certain costs to other charges, substantially all of which consist of additional Transition Costs and Secondary Offering Costs (each as defined therein). The most directly comparable IFRS financial measures to non-IFRS operating margin, non-IFRS adjusted EPS, non-IFRS adjusted ROIC and non-IFRS adjusted free cash flow are earnings from operations as a percentage of revenue, EPS, IFRS ROIC, and cash provided by operations, respectively.

Fourth Quarter of 2023 (Q4 2023) Guidance‡

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