Citi analyst Jim Suva downgraded Celestica to Sell from Neutral. The analyst sees downside risks to consensus 2020 sales estimates given the company's high exposure to the networking/enterprise end-markets.

Raises FY24 revenue view to $9.1B from $8.5B or more, consensus $8.79B.

Reports Q1 revenue $2.21B, consensus $2.10B. "We are pleased with our strong start to the year, delivering revenue growth of 20% in Q1 2024 compared to the prior-year period, and continued non-IFRS operating margin* expansion. Our solid performance was reflected in revenue and non-IFRS adjusted EPS* each in excess of the high end of our guidance ranges," said Rob Mionis, CEO. "We continue to see healthy demand across a number of our major customers, which provides us with the confidence to raise our full year 2024 outlook. We continue to stay focused on solid execution for our customers, and delivering on our strategic priorities and financial targets."