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Technology Stocks : Jabil Circuit (JBL) -- Ignore unavailable to you. Want to Upgrade?

To: Asymmetric who wrote (6073)	9/18/2002 11:47:02 AM
From: Asymmetric	Read Replies (1) \| Respond to of 6317

Celestica Warns of Profit Shortfall Amid Slack Demand for Services Celestica Inc.'s shares fell sharply after the company ratcheted down its outlook for third-quarter earnings and revenue because some of its biggest customers have scaled back orders for Celestica's electronics-manufacturing services. Shares fell $2.91, or 15%, to $15.90. Celestica, Toronto, expects to earn 18 to 22 cents a share on revenue of $1.9 billion to $2 billion, compared with the company's earlier projection of earnings of 26 cents to 33 cents a share on revenue of $2.1 billion to $2.4 billion. Last week, Lehman Brothers predicted that Celestica's third-quarter results would likely come in at the low end of guidance since a number of Celestica's top customers, including Lucent and Sun Microsystems, have trimmed their guidance. The electronics outsourcer said it said it continues to focus on becoming a more efficient operation and maintaining its balance sheet. The company in July said it would reduce its manufacturing capacity and shed 10% to 15% of its 40,000-member work force due to the slowdown in electronics sales. As part of that move, about 950 jobs were eliminated at Celestica's Columbus, Ohio, plant, in August. Celestica's warning weighed on other electronics manufacturers. In morning trading, Solectron shares dropped 15 cents to $2.50, and Jabil Circuit lost $1.03 to $16.51, both on the Big Board. Sanmina-SCI slipped eight cents to $2.96 and Flextronics shed 58 cents to $7.81, both on the Nasdaq Stock Market.