TTM Technologies Reports Fiscal 2Q18 Results

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TTM Technologies, Inc. reported results for the second quarter of fiscal 2018, which ended July 2nd, 2018.  The financial results provided below for the second quarter include a partial quarter contribution from the acquisition of Anaren, Inc., which was completed on April 18, 2018.

Second Quarter 2018 Highlights

• Net sales were $716.9 million
• GAAP net income was $84.0 million, or $0.65 per diluted share
• Non-GAAP net income was $52.3 million, or $0.48 per diluted share
• Completed the acquisition of Anaren, Inc.
• Cash flow from operations of $55.6 million

Second Quarter 2018 Financial Results

Net sales for the second quarter of 2018 were $716.9 million, compared to $627.2 million in the second quarter of 2017 and $663.6 million in the first quarter of 2018.

GAAP operating income for the second quarter of 2018 was $31.7 million, compared to $45.1 million in the second quarter of 2017 and $30.0 million in the first quarter of 2018.

GAAP net income for the second quarter of 2018 was $84.0 million, or $0.65 per diluted share.  This compares to $20.6 million, or $0.18 per diluted share, in the second quarter of 2017 and $10.1 million, or $0.09 per diluted share, in the first quarter of 2018. The current quarter results reflect the release of a tax valuation allowance of $74.6 million.

On a non-GAAP basis, net income for the second quarter of 2018 was $52.3 million, or $0.48 per diluted share. This compares to non-GAAP net income of $33.3 million, or $0.31 per diluted share, for the second quarter of 2017 and $28.0 million, or $0.26 per diluted share, in the first quarter of 2018.

Adjusted EBITDA for the second quarter of 2018 was $115.9 million, or 16.2 percent of net sales, compared to adjusted EBITDA of $85.5 million, or 13.6 percent of net sales, for the second quarter of 2017 and $83.2 million, or 12.5 percent of net sales, for the first quarter of 2018.

“In the second quarter, TTM delivered strong results,” said Tom Edman, CEO of TTM.  “We were pleased to see solid year over year growth from the aerospace and defense, automotive, computing and medical/industrial/instrumentation end markets that more than offset weakness in our cellular end market.  Further, Anaren’s contribution in the quarter was better than forecasted.  Longer term, Anaren’s deep RF expertise will strengthen TTM’s ability to engage with customers at the design stage in order to provide more value added solutions.”

Business Outlook

For the third quarter of 2018 TTM estimates that revenue will be in the range of $730 million to $770 million, and non-GAAP net income will be in the range of $0.41 to $0.47 per diluted share.

About TTM

TTM Technologies, Inc. is a leading global printed circuit board manufacturer, focusing on quick-turn and volume production of technologically advanced PCBs, backplane assemblies and electro-mechanical solutions as well as a global designer and manufacturer of high-frequency radio frequency (RF) and microwave components and assemblies. TTM stands for time-to-market, representing how TTM's time-critical, one-stop manufacturing services enable customers to shorten the time required to develop new products and bring them to market. Additional information can be found here.