Celestica上调2026年收入/EPS指引并在电话会强调OpenAI/AMD机架项目

Earnings Call Insights: Celestica (CLS) Q2 2026
Management View
- "As we cross the midyear mark, we continue to see sustained and accelerating momentum across our portfolio" (CEO & Chair of the Board Robert Mionis). "In the second quarter, we delivered revenue of $4.7 billion and adjusted EPS of $2.54... backed by an adjusted operating margin of 8.2%, a new high for the company" (CEO Mionis).
- "Rapid progression in technology upgrade cycles in networking and AI compute are driving broad demand, and we are in the process of ramping a number of significant new programs expected to launch in the second half of the year and into 2027" (CEO Mionis).
- "Revenue in the second quarter was $4.70 billion, up 62%" and "our non-GAAP operating margin was 8.2%" (Chief Financial Officer Mandeep Chawla). "Our capital expenditures were $264 million... Consistent with our prior outlook, our full year 2026 capital expenditure guidance remains unchanged at approximately $1 billion" (CFO Chawla).
- "Later this year, we expect to commence initial deliveries of custom racks for a digital native customer, whom we are pleased to share is OpenAI" (CEO Mionis). "Celestica will collaborate with OpenAI and Broadcom... beginning with the Jalapeño accelerator with mass production planned in 2027" (CEO Mionis).
Outlook
- No validated analyst-estimates comparison was included because the provided estimates data did not use the required quarter format.
- "Third quarter revenue is projected to be between $5.25 billion and $5.55 billion" and "adjusted earnings per share is anticipated to be between $2.88 and $3.08" (CFO Chawla). "Assuming the achievement of the midpoint... our adjusted operating margin is expected to be 8.4%" (CFO Chawla).
- "We are once again raising our full year 2026 annual outlook" (CEO Mionis). "Our revenue outlook increases from $19 billion to $20.5 billion" and "we are also raising our adjusted EPS outlook to $11.30, up from $10.15" (CEO Mionis). "We are increasing our free cash flow outlook for 2026 from $500 million to $600 million" (CEO Mionis).
- "For 2027... we expect our revenue growth rate to accelerate" and "we anticipate our adjusted EPS growth rate to outpace our revenue growth" (CEO Mionis).
Financial Results
- "Adjusted gross margin was 11.5%" and "our second quarter adjusted effective tax rate was 20%" (CFO Chawla). "We generated $147 million of free cash flow in the second quarter and $285 million year-to-date" (CFO Chawla).
- "Revenue in our CCS segment was $3.81 billion" and "ATS revenue for the quarter was $888 million" (CFO Chawla). "Our communications end market revenue was up 62%" and "revenue in our enterprise end market was up by 167%" (CFO Chawla).
- "At the end of the second quarter, our inventory balance was $3.4 billion" and "cash cycle days for the quarter were 47" (CFO Chawla). "Our gross debt was $740 million, resulting in a net debt position of $204 million" (CFO Chawla).
Q&A
- Timothy Long, Barclays: asked what drives 2027 acceleration and new vs. existing programs; CEO Mionis: "we have our new custom rack deployments with OpenAI and AMD. Both are several billion-dollar opportunities that we see in 2027" and "the pipeline on that program continues to grow." Timothy Long, Barclays: asked about gross margin as mix shifts; CFO Chawla: "we should be able to maintain being around the mid-11s as we go through 2026" and "we will see operating profit expansion for yet another year as we go into next year."
- Joseph Cardoso, JPMorgan: asked about supply constraints as guidance limiter; CEO Mionis: "Demand across the AI data center infrastructure continues to outpace the global component supply" but "we find it manageable." CFO Chawla: "the constraint is really around materials" and "the demand does exceed the revenue figures that we've been sharing."
- Ruben Roy, Stifel: asked about 1.6T ramp pace and CPO timing; CEO Mionis: "1.6T really starts ramping... in the back half of '26 and really surging in 2027" and "the samples for that CPO win will come out in the first half of '27, and mass production... will start in the second half of 2027."
- Ruplu Bhattacharya, BofA: asked key 2027 assumptions/risks and regional manufacturing; CEO Mionis: "risk factors... largely... around continued material supply" and cited "noncancelable, nonrefundable orders for long lead silicon." CFO Chawla: "we're making significant investments in the United States" including "Richardson, Texas" and "Fort Worth, Texas."
- John Shao, TD Cowen: asked about turnkey vs. consignment and OpenAI revenue recognition; CFO Chawla: "it" (OpenAI) "will have the dynamics of a consigned program" and "no big change in the accounting side that's impacting our revenue."
Sentiment Analysis
- Analysts tone: slightly positive, with repeated push on durability and drivers of 2027 growth; questions framed around constraints and assumptions, including "what are some of the risk factors" (Ruplu Bhattacharya, BofA).
- Management tone: positive and confident on growth/visibility, while emphasizing supply realism; "we are appropriately hedged" and "we find it manageable" (CEO Mionis), alongside "the constraint is really around materials" (CFO Chawla).
- Versus last quarter: management shifted from describing supply as "highly dynamic" and "more constrained now than it was 90 days ago" (CEO Mionis, Q1) to calling 2026/2027 execution "manageable" with "capacity plans in place" but still materials-limited (CEO Mionis; CFO Chawla, Q2).
Quarter-over-quarter Comparison
- Guidance trajectory: Q2 raised 2026 revenue to $20.5 billion, adjusted EPS to $11.30, and free cash flow to $600 million, versus Q1 outlook of $19 billion, $10.15, and $500 million.
- Strategic disclosures: Q2 newly named OpenAI and detailed "Jalapeño accelerator" timing, while Q1 emphasized AMD Helios and a 1.6T CPO switch award without naming OpenAI.
- Operating/capital posture: Q2 reiterated prioritizing reinvestment; "our highest priority at this time is to reinvest in our business" (CFO Chawla), compared with Q1 noting share repurchases of $20 million and a revolver upsize.
Risks and Concerns
- "Demand across the AI data center infrastructure continues to outpace the global component supply" (CEO Mionis). "The constraint is really around materials" and management said it was incorporated into guidance (CFO Chawla).
- On 2027 monitoring factors, CEO Mionis pointed to supply continuity but said customers have placed "noncancelable, nonrefundable orders" and the company has "supply agreements on hard to find components such as memory and PWBs."
Final Takeaway
Celestica’s management described Q2 as a record operating-margin quarter and raised Q3 and full-year 2026 guidance, while tying 2027 acceleration to scaling 800G and 1.6T programs, expanding rack-scale opportunities (including OpenAI and AMD), and continued ATS momentum; management repeatedly framed the main execution sensitivity as material supply, while emphasizing long lead-time commitments and multiyear capacity alignment to support the updated outlook.
Read the full Earnings Call Transcript