Celestica's Revenue Boost Masks Working Capital Pressure, Analyst Says

Celestica entered its earnings report carried by weeks of rising expectations, only to find that a $2 billion revenue guidance increase could not outrun the silence around free cash flow. When a company grows its sales forecast substantially yet leaves cash generation unchanged, the market reads between the lines — and what it finds there is the quiet friction of working capital under strain. The 15 percent selloff that followed was shaped as much by sector-wide anxiety as by the numbers themselves, leaving observers to weigh whether this is a stumble in a longer ascent or the first sign of a