TORONTO -- Celestica reported second-quarter revenue fell 25.2% to $1.4 billion, in line with the company's April guidance.

GAAP net earnings fell 87% to $5.3 million as weaker end-market demand and higher restructuring costs took their toll.

For the quarter, adjusted net earnings were $25 million, compared to $38.9 million last year.

For its third quarter ending Sept. 30, the company guided for revenue of $1.425 billion to $1.575 billion.

On a conference call today, the company also announced plans to further reduce fixed costs and overhead expenses and to eliminate excess capacity through a $75 million to $100 million restructuring program. The new plan is targeted at increasing utilization rates to 60% from current levels of about 50%. The closings, which will be non-core sites, primarily in high-cost geographies, are expected to be completed by the end of 2010.

The measures will also raise the firm's operating margin above its targets of 3 to 3.5%.

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