TORONTO -- Celestica Inc. today announced its fourth-quarter net loss widened to $60.8 million on a 9% revenue gain to $2.26 billion. The company announced another round of restructuring, which will result $60 million to $80 million more in charges.

For the quarter ended Dec. 31, the GAAP net loss included a $30 million charge for inventory provisions at its Monterrey, Mexico, facility; and a $59 million restructuring charge. The GAAP net loss last year was $28.2 million, including $57 million in restructuring charges. For the year, the EMS company reported revenue of $8.81 billion, up 4%, and a GAAP loss of $150.6 millio, down from a loss of $46.8 million . Year-to-year growth in consumer products was offset by dropoffs from several key telecommunications customers.

President and chief executive Craig Muhlhauser called the results "extremely disappointing."

"We have implemented and will continue to implement aggressive actions to materially improve the performance of our Mexican facilities by standardizing our ERP platform, re-architecting our warehouse logistics and strengthening the local management team while driving more efficiency and cost reductions. In light of our current outlook, we are also reducing our overhead structures and costs globally."

The company will take $60 million to $80 million worth of additional restructuring charges, $40 million of which was recorded in the fourth quarter.

The company also announced that CFO Anthony (Tony) Puppi will retire pending the naming of a new CFO.

Celestica guided for March quarter revenues of $1.7 billion to $1.9 billion.

• Prev
• Next