Hi Pat, I bought Celestica a number of years ago based on professional advice and then it fell off dramatically before the 2008/09 crunch. I held on to it. Now that it is back to what I purchased it for I am thinking of selling. Can you please comment on this company and provide your recommendation?
Celestica Inc., $11.46, symbol CLS on Toronto (Shares outstanding: 211.0 million; Market cap: $2.4 billion), is a contract manufacturer that makes a variety of electronic devices on behalf of other companies. These products include cellphones, computers, modems, routers, television sets, video-game consoles and industrial and health-care equipment.
Celestica has roughly 20 plants in North America, Europe and Asia.
The company’s largest customer is smartphone developer Research in Motion, which accounts for 17% of its total revenue.
Celestica was a wholly owned subsidiary of IBM until Onex Corp. bought it in October 1996. Celestica first sold shares to public in June 1998 for $17.50 each. Onex continues to hold a 69% voting interest in the company through multiple-voting shares that carry 25 votes per share.
In 2009, Celestica’s revenue fell 22.7%, to $6.1 billion from $7.7 billion in 2008 (all amounts except share price and market cap in U.S. dollars). That’s because the weak economy has hurt demand for electronic devices from consumers…
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