-
- News
- Books
Featured Books
- pcb007 Magazine
Latest Issues
Current IssueTechnology Roadmaps
In this issue of PCB007 Magazine, we discuss technology roadmaps and what they mean for our businesses, providing context to the all-important question: What is my company’s technology roadmap?
Wet Process Control
In this issue, we examine wet processes and how to obtain a better degree of control that allows usable data to guide our decisions and produce consistently higher-quality products.
Don’t Just Survive, Thrive
If we are to be relevant and prosper during these next critical decades in electronics, we must do more than survive. As an industry, we can and must thrive. In this issue, our contributors explore these concepts meant to help you take your business to the next level.
- Articles
- Columns
Search Console
- Links
- Events
||| MENU - pcb007 Magazine
TTM Technologies Reports Q2 2024 Results
July 31, 2024 | TTM TechnologiesEstimated reading time: 3 minutes
TTM Technologies, Inc., a leading global manufacturer of technology solutions including mission systems, radio frequency (RF) components and RF microwave/microelectronic assemblies, quick-turn and technologically advanced printed circuit boards (PCB), today reported results for the second quarter 2024, which ended on July 1, 2024.
Second Quarter 2024 Highlights
- Net sales were $605.1 million
- GAAP net income of $26.4 million, or $0.25 per diluted share
- Non-GAAP net income was $40.1 million, or $0.39 per diluted share
- Cash flow from operations was $41.9 million
- Repurchased 1.39 million shares of common stock for $25.1 million at an average price of $18.09 per share
- Anticipate close of the refinancing of $346.5 million of a senior secured term loan at an interest rate of SOFR + 2.25%
Second Quarter 2024 GAAP Financial Results
Net sales for the second quarter of 2024 were $605.1 million, compared to $546.5 million in the second quarter of 2023.
GAAP operating income for the second quarter of 2024 was $39.0 million compared to GAAP operating income for the second quarter of 2023 of $21.4 million.
GAAP net income for the second quarter of 2024 was $26.4 million, or $0.25 per diluted share, compared to GAAP net income of $6.8 million, or $0.07 per diluted share in the second quarter of 2023.
Second Quarter 2024 Non-GAAP Financial Results
On a non-GAAP basis, net income for the second quarter of 2024 was $40.1 million, or $0.39 per diluted share. This compares to non-GAAP net income of $33.0 million, or $0.32 per diluted share, for the second quarter of 2023.
Adjusted EBITDA in the second quarter of 2024 was $84.6 million, or 14.0% of sales compared to adjusted EBITDA of $74.7 million, or 13.7% of sales for the second quarter of 2023.
“TTM reported Non-GAAP EPS that was above the guided range and demonstrated solid year on year growth due to higher revenues and improved operational execution. Revenues were above the guided range, representing the second consecutive quarter of year on year growth due to demand strength in our Aerospace and Defense and Data Center Computing end markets, the latter being driven by generative AI,” said Tom Edman, CEO of TTM. “In addition, cash flow from operations was a healthy $41.9 million enabling us to repurchase stock while maintaining a solid balance sheet with a net leverage ratio of 1.4x. Finally, we refinanced our Term Loan B, reducing interest expense going forward,” concluded Mr. Edman.
Refinancing of Term Loan B
We anticipate that on August 1, 2024, we will close the refinancing of $346.5 million of a senior secured term loan (“New Term Loan Facility”) at an interest rate of SOFR + 2.25%, 50 basis points lower than our previous Term B Loans issued in May 2023. Upon closing, the new Term B Loans will be issued at par and maintain the same maturity of May 2030. Once issued, this debt will amend and restate TTM’s previous senior secured term loan facility. We anticipate using the proceeds from the New Term Loan Facility to refinance $346.5 million of such outstanding indebtedness. We have used cash on hand to pay fees and expenses of approximately $1 million related to the refinancing activity. Once finalized, the new financing is expected to generate annual interest savings of approximately $1.7 million.
Business Outlook
For the third quarter of 2024, TTM estimates that revenues will be in the range of $580 million to $620 million, and non-GAAP net income will be in the range of $0.37 to $0.43 per diluted share.
With respect to the Company’s outlook for non-GAAP net income per diluted share, we are unable to predict with reasonable certainty or without unreasonable effort certain items that may affect a comparable measure calculated and presented in accordance with GAAP. Our expected non-GAAP net income per diluted share excludes primarily the future impact of restructuring actions, impairment charges, unusual gains and losses, and tax adjustments. These reconciling items are highly variable and difficult to predict due to various factors outside of management’s control and could have a material impact on our future period net income per diluted share calculated and presented in accordance with GAAP. Accordingly, a reconciliation of non-GAAP net income per diluted share to a comparable measure calculated and presented in accordance with GAAP has not been provided because the Company is unable to provide such reconciliation without unreasonable effort. For the same reasons, TTM is unable to address the probable significance of the information.
Suggested Items
KYZEN to Feature AQUANOX A4618 and KYZEN SLV901 at SMTA Empire Expo and Tech Forum
09/18/2024 | KYZEN'KYZEN, the global leader in innovative environmentally responsible cleaning chemistries, will exhibit at the SMTA Empire Expo and Tech Forum, scheduled to take place Thursday, September 26 at the DoubleTree by Hilton in Syracuse, NY.
Altus Hosts Record-Breaking 'Factory of the Future' Event
09/17/2024 | Altus GroupAltus Group, a leading distributor of capital equipment in the UK and Ireland, in partnership with Fuji Corp., recently held its second ‘Factory of the Future’ event at the Advanced Manufacturing Technology Centre (AMTC) in Coventry.
Japan International Aerospace Exhibition 2024: Japan's Largest Comprehensive Aerospace Industry Exhibition
09/17/2024 | ACN NewswireThe Society of Japanese Aerospace Companies and Tokyo Big Sight Inc. are proud to announce the Japan International Aerospace Exhibition 2024, to be held over four days from October 16 (Wed.) to October 19 (Sat.), 2024, at Tokyo Big Sight (3-11-1 Ariake, Koto-ku, Tokyo).
ALSI LASER1205: Patented Precision for SiC Wafers
09/17/2024 | ASMPTASMPT, the world’s leading provider of hardware and software for semiconductor and electronics production, presents the ALSI LASER1205, a multi-beam laser dicing platform that sets new standards in terms of precision and performance.
Vuzix Receives $10 Million First Tranche Investment from Quanta Computer
09/16/2024 | PRNewswireVuzix® Corporation, a leading supplier of smart glasses and Augmented Reality (AR) technology and products, is pleased to announce that it has completed the closing of the first investment tranche, for the sale of $10 million in common stock at $1.30 per share, under its previously announced September 3, 2024 purchase agreement with Quanta Computer Inc.