Celestica (CLS) is sharply lower on Tuesday, April 28, 2026, extending a post-earnings reaction after the company released first-quarter 2026 results on April 27 and held its earnings call this morning. The selloff is notable because the headline numbers were strong and the company raised its 2026 annual outlook, yet the stock is being repriced lower as investors focus on what the new guidance implies for cash generation and valuation at elevated price levels. (stocktitan.net)

In Q1 2026, Celestica reported revenue of $4.05 billion (up 53% year over year) and adjusted EPS of $2.16. For Q2 2026, it guided revenue of $4.15 billion to $4.45 billion and adjusted EPS of $2.14 to $2.34. For full-year 2026, Celestica lifted its outlook to $19.0 billion of revenue (from $17.0 billion) and adjusted EPS of $10.15 (from $8.75), while nudging adjusted operating margin higher to 8.1% (from 7.8%). (stocktitan.net)

Despite the raised targets, Celestica reiterated that its prior free cash flow (non-GAAP) outlook of $500 million remains unchanged, which can read as more reinvestment and working-capital needs accompanying the higher growth profile rather than incremental near-term cash conversion. With the stock having surged into the print, the combination of unchanged free-cash-flow targets, guidance that may not exceed the market’s most aggressive expectations, and valuation sensitivity is fueling profit-taking and a fast reset in the multiple. (stocktitan.net)

Investors will be listening for details on demand visibility, the pace and profitability of new program ramps, and how higher 2026 revenue translates into cash generation as the year progresses. Management also flagged assumptions tied to tariffs/trade conditions and cost recovery from customers as part of its outlook framework, making any shift in trade policy or customer behavior an additional swing factor for sentiment. (globenewswire.com)