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Celestica (CLS) ended the recent trading session at $46.83, demonstrating a -0.34% swing from the preceding day's closing price. The stock's change was less than the S&P 500's daily loss of 0.29%. At the same time, the Dow lost 0.25%, and the tech-heavy Nasdaq lost 0.31%.
The electronics manufacturing services company's shares have seen a decrease of 13.03% over the last month, not keeping up with the Computer and Technology sector's loss of 1.17% and the S&P 500's gain of 1.57%.
The investment community will be closely monitoring the performance of Celestica in its forthcoming earnings report. In that report, analysts expect Celestica to post earnings of $0.92 per share. This would mark year-over-year growth of 41.54%. Meanwhile, our latest consensus estimate is calling for revenue of $2.41 billion, up 18.01% from the prior-year quarter.
CLS's full-year Zacks Consensus Estimates are calling for earnings of $3.65 per share and revenue of $9.47 billion. These results would represent year-over-year changes of +50.21% and +18.93%, respectively.
Investors should also pay attention to any latest changes in analyst estimates for Celestica. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. Celestica currently has a Zacks Rank of #1 (Strong Buy).
Looking at its valuation, Celestica is holding a Forward P/E ratio of 12.87. This signifies a discount in comparison to the average Forward P/E of 12.97 for its industry.
The Electronics - Manufacturing Services industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 209, placing it within the bottom 18% of over 250 industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Zacks Investment Research
In the latest market close, Celestica (CLS) reached $45.55, with a +0.51% movement compared to the previous day. The stock trailed the S&P 500, which registered a daily gain of 0.75%. On the other hand, the Dow registered a gain of 0.58%, and the technology-centric Nasdaq increased by 1%.
The electronics manufacturing services company's stock has dropped by 13.3% in the past month, falling short of the Computer and Technology sector's gain of 2.48% and the S&P 500's gain of 4.03%.
Market participants will be closely following the financial results of Celestica in its upcoming release. It is anticipated that the company will report an EPS of $0.92, marking a 41.54% rise compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $2.41 billion, indicating a 18.01% growth compared to the corresponding quarter of the prior year.
For the full year, the Zacks Consensus Estimates project earnings of $3.65 per share and a revenue of $9.47 billion, demonstrating changes of +50.21% and +18.93%, respectively, from the preceding year.
Investors should also note any recent changes to analyst estimates for Celestica. Recent revisions tend to reflect the latest near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Celestica is currently sporting a Zacks Rank of #1 (Strong Buy).
From a valuation perspective, Celestica is currently exchanging hands at a Forward P/E ratio of 12.42. This expresses a discount compared to the average Forward P/E of 12.45 of its industry.
The Electronics - Manufacturing Services industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 185, this industry ranks in the bottom 27% of all industries, numbering over 250.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Zacks Investment Research
For those looking to find strong Computer and Technology stocks, it is prudent to search for companies in the group that are outperforming their peers. Is Alps Electric (APELY) one of those stocks right now? Let's take a closer look at the stock's year-to-date performance to find out.
Alps Electric is one of 618 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #7 in the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.
The Zacks Rank is a successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. Alps Electric is currently sporting a Zacks Rank of #1 (Strong Buy).
Within the past quarter, the Zacks Consensus Estimate for APELY's full-year earnings has moved 78.1% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
According to our latest data, APELY has moved about 22.9% on a year-to-date basis. Meanwhile, the Computer and Technology sector has returned an average of 15.4% on a year-to-date basis. As we can see, Alps Electric is performing better than its sector in the calendar year.
Another Computer and Technology stock, which has outperformed the sector so far this year, is Celestica (CLS). The stock has returned 48.5% year-to-date.
In Celestica's case, the consensus EPS estimate for the current year increased 12.4% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).
Breaking things down more, Alps Electric is a member of the Computer - Peripheral Equipment industry, which includes 9 individual companies and currently sits at #17 in the Zacks Industry Rank. On average, this group has lost an average of 29% so far this year, meaning that APELY is performing better in terms of year-to-date returns.
In contrast, Celestica falls under the Electronics - Manufacturing Services industry. Currently, this industry has 4 stocks and is ranked #94. Since the beginning of the year, the industry has moved -2.3%.
Investors interested in the Computer and Technology sector may want to keep a close eye on Alps Electric and Celestica as they attempt to continue their solid performance.
Zacks Investment Research
Celestica (CLS) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.
Shares of this electronics manufacturing services company have returned -15% over the past month versus the Zacks S&P 500 composite's +2.9% change. The Zacks Electronics - Manufacturing Services industry, to which Celestica belongs, has lost 3.3% over this period. Now the key question is: Where could the stock be headed in the near term?
Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.
Revisions to Earnings Estimates
Here at Zacks, we prioritize appraising the change in the projection of a company's future earnings over anything else. That's because we believe the present value of its future stream of earnings is what determines the fair value for its stock.
We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
Celestica is expected to post earnings of $0.92 per share for the current quarter, representing a year-over-year change of +41.5%. Over the last 30 days, the Zacks Consensus Estimate remained unchanged.
For the current fiscal year, the consensus earnings estimate of $3.65 points to a change of +50.2% from the prior year. Over the last 30 days, this estimate has remained unchanged.
For the next fiscal year, the consensus earnings estimate of $3.99 indicates a change of +9.3% from what Celestica is expected to report a year ago. Over the past month, the estimate has remained unchanged.
Having a strong externally audited track record, our proprietary stock rating tool, the Zacks Rank, offers a more conclusive picture of a stock's price direction in the near term, since it effectively harnesses the power of earnings estimate revisions. Due to the size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, Celestica is rated Zacks Rank #1 (Strong Buy).
The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:
12 Month EPS
Revenue Growth Forecast
While earnings growth is arguably the most superior indicator of a company's financial health, nothing happens as such if a business isn't able to grow its revenues. After all, it's nearly impossible for a company to increase its earnings for an extended period without increasing its revenues. So, it's important to know a company's potential revenue growth.
In the case of Celestica, the consensus sales estimate of $2.41 billion for the current quarter points to a year-over-year change of +18%. The $9.47 billion and $10.28 billion estimates for the current and next fiscal years indicate changes of +18.9% and +8.5%, respectively.
Last Reported Results and Surprise History
Celestica reported revenues of $2.39 billion in the last reported quarter, representing a year-over-year change of +23.3%. EPS of $0.91 for the same period compares with $0.55 a year ago.
Compared to the Zacks Consensus Estimate of $2.25 billion, the reported revenues represent a surprise of +6.33%. The EPS surprise was +10.98%.
The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates each time over this period.
Valuation
Without considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects.
While comparing the current values of a company's valuation multiples, such as price-to-earnings (P/E), price-to-sales (P/S) and price-to-cash flow (P/CF), with its own historical values helps determine whether its stock is fairly valued, overvalued, or undervalued, comparing the company relative to its peers on these parameters gives a good sense of the reasonability of the stock's price.
As part of the Zacks Style Scores system, the Zacks Value Style Score (which evaluates both traditional and unconventional valuation metrics) organizes stocks into five groups ranging from A to F (A is better than B; B is better than C; and so on), making it helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.
Celestica is graded A on this front, indicating that it is trading at a discount to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.
Bottom Line
The facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Celestica. However, its Zacks Rank #1 does suggest that it may outperform the broader market in the near term.
Zacks Investment Research
The Toronto Stock Exchange closed with a loss on Tuesday as oil prices fell to the lowest in mor than three years while U.S. inflation data coming tomorrow should clear up any arguments over the size of an interest-rate cut coming next week from the Federal Reserve.
The S&P/TSX Composite Index closed down 24.06 point to closed at 23,003.09. Energy, down 2.3%, was the biggest decliner, followed by Telecoms, down 0.99%. The biggest gainer on the day was Battery Metals, up +1.4%.
The drop was dominated by oil issues, with the country's largest oil companies moving lower on the day and dominating the most-active issues list. West Texas Intermediate (WTI) crude oil fell to the lowest in more than three years on Tuesday as the market again focused on demand concerns as China's economy weakens, while two forecasting agencies cut their 2024 demand outlooks. WTI crude oil for October delivery closed down US$2.96 to settle at US$65.75 per barrel, the lowest since August, 2021. November Brent crude, the global benchmark, closed down US$2.65 to US$69.19.
A newly released ranking of the Toronto Stock Exchange's top performers shows investors continue to be attracted to companies at the forefront of the energy transition, The Canadian Press reported. The TSX300 is an annual list of the top-performing stocks on the exchange over a three-year period, based on dividend-adjusted share price performance. The 2024 edition of the list, released Tuesday is dominated by three sectors - oil and gas, industrial products and services, and mining. Together, these sectors account for 25 of the 30 companies on the list.
The top-ranked company this year is Hammond Power Solutions Inc. (HPS-A.TO), which builds custom transformers for alternative energy systems such as wind power and co-generation. The company has seen its dividend-adjusted share price soar 928% over the past three years.
In second place this year is Celestica Inc. , which offers solutions for grid stability and EV infrastructure. The company saw a 706% increase in its dividend-adjusted share price, the report noted.
The U.S. consumer price index (CPI) for August will be released Wednesday morning, with the consensus estimate supplied by Marketwatch calling for inflation to fall to 2.6% annualized in August, down from 2.9% in July. The data is the last that will figure in next week's deliberations by the Federal Reserve's policy committee. While the market is mostly expecting a 25 basis point drop to rates next Wednesday, a downside surprise to inflation could convince the central bank to cut by 50 basis points.
Looking beyond Wednesday's US CPI data, Douglas Porter at BMO Economics said the recent steep drop in oil and related prices could "really hammer" September inflation. In recent days, he noted, wholesale gasoline prices have dropped below US$1.90/gallon, the lowest level since early 2021, when energy was still emerging from the pandemic depths. Porter said retail prices don't tend to swing quite as much as crude or wholesale costs. But the September CPI could report a annual drop of as much as 20% for gasoline, which weighs in at 3.5% of the basket. Alone, this would carve 0.7 ppts from the headline inflation rate.. "If sustained, the steep drop in energy costs could truly break inflation expectations," Porter noted.
However the prospect of global trade disruptions could make it difficult for the Bank of Canada (BoC) to consistently meet its 2% inflation target, BoC Governor Tiff Macklem said in a speech given to the Canada/U.K. Chamber of Commerce today in London, England.
"The rewiring of global trade will likely lead to more supply shocks in the future," said Macklem. "These disruptions will affect businesses and jobs, and they could drive up inflation. Trade disruptions may also mean that inflation will be more volatile."
He pointed out that the bank faces a challenge in reviving economic growth while also dealing with high prices.
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