TORONTO -- Celestica today announced first quarter revenue of $2.21 billion, up 20% from a year ago, on higher demand for communications and enterprise servers and storage gear.

For the quarter ended March 31, non-IFRS operating margin was 6.2%, compared to 5.2% in 2023.

Advanced Technology Solutions (aerospace and defense, industrial, healthtech and capital equipment) segment revenue decreased 3%, and segment margin was 4.7%, up 30 basis points. Connectivity & Cloud Solutions (communications and enterprise servers and storage) segment revenue increased 38% and segment margin was 7%, up 120 basis points.

Adjusted return on invested capital (adjusted ROIC) was 24.8%, compared to 17.9% in 2023. Adjusted free cash flow rose to $65.2 million from $9.2 million.

“We are pleased with our strong start to the year, delivering revenue growth of 20% in Q1 2024 compared to the prior-year period, and continued non-IFRS operating margin* expansion. Our solid performance was reflected in revenue and non-IFRS adjusted EPS* each in excess of the high end of our guidance ranges,” said Rob Mionis, President and CEO, Celestica. “We continue to see healthy demand across a number of our major customers, which provides us with the confidence to raise our full year 2024 outlook. We continue to stay focused on solid execution for our customers, and delivering on our strategic priorities and financial targets.”

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