The Right Approach: Get Ready for ISO 9001 Version 6
Dan’s Biz Bookshelf: ‘Still Broke: Walmart’s Remarkable Transformation'
Driving Innovation: Depth Routing Processes—Achieving Unparalleled Precision in Complex PCBs
TTM Technologies Reports Fiscal Q3 2018 Results
October 31, 2018 | Globe NewswireEstimated reading time: 2 minutes
TTM Technologies, Inc. reported results for the third quarter of fiscal 2018, which ended October 1, 2018. The financial results provided below for the third quarter include a full quarter contribution from the acquisition of Anaren, Inc., which was completed on April 18, 2018.
Third Quarter 2018 Highlights
- Net sales were $755.8 million
- GAAP net income was $27.0 million, or $0.22 per diluted share
- Non-GAAP net income was $55.1 million, or $0.50 per diluted share
- Cash flow from operations of $80.0 million
Third Quarter 2018 Financial Results
Net sales for the third quarter of 2018 were $755.8 million, compared to $666.8 million in the third quarter of 2017 and $716.9 million in the second quarter of 2018.
GAAP operating income for the third quarter of 2018 was $54.6 million, compared to $44.1 million in the third quarter of 2017 and $31.7 million in the second quarter of 2018.
GAAP net income for the third quarter of 2018 was $27.0 million, or $0.22 per diluted share. This compares to $21.5 million, or $0.19 per diluted share, in the third quarter of 2017 and $84.0 million, or $0.65 per diluted share, in the second quarter of 2018.
On a non-GAAP basis, net income for the third quarter of 2018 was $55.1 million, or $0.50 per diluted share. This compares to non-GAAP net income of $33.4 million, or $0.32 per diluted share, for the third quarter of 2017 and $52.3 million, or $0.48 per diluted share, in the second quarter of 2018.
Adjusted EBITDA for the third quarter of 2018 was $122.3 million, or 16.2% of net sales, compared to adjusted EBITDA of $85.7 million, or 12.9% of net sales, for the third quarter of 2017 and $115.9 million, or 16.2% of net sales, for the second quarter of 2018.
“TTM delivered record revenues and earnings for a third quarter,” said Tom Edman, CEO of TTM. “We were pleased to see solid year over year growth from the aerospace and defense, cellular, computing and medical/industrial/instrumentation end markets that more than offset weakness in our automotive end market. Following record third quarter revenues in the cellular end market, we’re anticipating weaker sales and profits in the fourth quarter.”
Business Outlook
For the fourth quarter of 2018 TTM estimates that revenue will be in the range of $720 million to $760 million, and non-GAAP net income will be in the range of $0.44 to $0.50 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 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.
Share on:
Testimonial
"We’re proud to call I-Connect007 a trusted partner. Their innovative approach and industry insight made our podcast collaboration a success by connecting us with the right audience and delivering real results."
Julia McCaffrey - NCAB GroupSuggested Items
Honeywell-Led Consortium Receives UK Government Funding to Revolutionize Aerospace Manufacturing
09/02/2025 | HoneywellA consortium led by Honeywell has received UK Government funding for a project that aims to revolutionize how critical aerospace technologies are manufactured in the UK through the use of AI and additive manufacturing.
Coherent Announces Agreement to Sell Aerospace and Defense Business to Advent for $400 Million
08/15/2025 | AdventCoherent Corp., a global leader in photonics, today announced that it has entered into a definitive agreement to sell its Aerospace and Defense business to Advent, a leading global private equity investor, for $400 million. Proceeds will be used to reduce debt, which will be immediately accretive to Coherent’s EPS.
KYZEN Partners with LPW to Elevate High Purity Cleaning with Cutting-Edge Cyclic Nucleation Technology in North America
08/13/2025 | KYZEN'KYZEN, a global leader in advanced cleaning solutions, has reached a major milestone in high-purity cleaning with the addition of a state-of-the-art Vacuum Cyclic Nucleation System at its North American Application Lab.
Jeh Aerospace Raises $11M to Boost Aircraft Supply Chain
08/12/2025 | I-Connect007 Editorial TeamJeh Aerospace, the high-precision aerospace and defense manufacturing startup founded by Vishal Sanghavi and Venkatesh Mudragalla, has raised $11 million in a Series A round led by Elevation Capital, with support from General Catalyst, to scale its commercial aircraft supply chain manufacturing in India, according to OEM.
New Frontier Aerospace and Air Force Institute of Technology Sign CRADA to Advance Hypersonic VTOL Aircraft
08/05/2025 | PR NewswireNew Frontier Aerospace (NFA) is excited to announce a Collaborative Research and Development Agreement (CRADA) with the Air Force Institute of Technology (AFIT) aimed at advancing an innovative rocket-powered hypersonic Vertical Takeoff and Landing (VTOL) aircraft.