Celestica shares fell 10.8% post-earnings as investors reacted to a cautious tone on near-term growth, with the key disappointment centered on slower-than-anticipated ramp in the enterprise end market and signals of component constraints impacting outlook despite headline beats for Q1.

• Q1 revenue reached $4.05 billion, up 53% year-over-year, with adjusted EPS of $2.16—both above guidance ranges.
• The enterprise end market, while growing 101%, came in below management’s “high-teens” percentage growth outlook due to “select component constraints” delaying program ramps.
• ATS segment revenue was flat year-over-year at $806 million, outperforming guidance but impacted by softness in capital equipment and ongoing portfolio reshaping in A&D.
• Inventory climbed to $2.67 billion (up $885 million from prior year) to support CCS segment growth, raising questions about working capital efficiency.
• Second quarter revenue guidance ($4.15B–$4.45B) suggests continued but moderated growth, with management emphasizing investment and capacity expansion but not revising full-year capex targets.