Dan's Biz Bookshelf: 'Getting Naked: A Business Fable'
The Chemical Connection: Common Misconceptions in Wet Processing
It’s Only Common Sense: Selling to Engineers
TTM Technologies Posts Net Sales of $601.8M in Q2 2016
July 29, 2016 | TTM Technologies, Inc.Estimated reading time: 2 minutes
TTM Technologies, Inc., a major global printed circuit board manufacturer, today reported results for the second quarter 2016, which ended June 27, 2016. Our results include the contribution from the Viasystems Group, Inc. acquisition, which was completed on May 31, 2015.
Second Quarter 2016 Highlights
- Net sales were $601.8 million
- GAAP net income attributable to stockholders was $18.5 million, or $0.17 per diluted share
- Non-GAAP net income attributable to stockholders was $28.4 million, or $0.28 per diluted share
- Adjusted EBITDA was $90.2 million
- Debt repayment of $30 million
Second Quarter 2016 Financial Results
Net sales for the second quarter of 2016 were $601.8 million, compared to $445.4 million in the second quarter of 2015 and $583.3 million in the first quarter of 2016.
GAAP operating income for the second quarter of 2016 was $34.7 million, compared to an operating loss of $7.1 million in the second quarter of 2015 and operating income of $18.9 million in the first quarter of 2016.
GAAP net income attributable to stockholders for the second quarter of 2016 was $18.5 million, or $0.17 per diluted share. This compares to a GAAP net loss attributable to stockholders of $36.6 million, or $0.41 per share, in the second quarter of 2015 and a GAAP net loss of $7.3 million, or $0.07 per share, in the first quarter of 2016.
On a non-GAAP basis, net income attributable to stockholders for the second quarter of 2016 was $28.4 million, or $0.28 per diluted share. This compares to non-GAAP net income of $14.9 million, or $0.17 per diluted share, for the second quarter of 2015 and $13.9 million, or $0.14 per diluted share, in the first quarter of 2016.
Adjusted EBITDA for the second quarter of 2016 was $90.2 million, or 15 percent of net sales, compared to adjusted EBITDA of $59.7 million, or 13.4 percent of net sales, for the second quarter of 2015 and $74.5 million, or 12.8 percent of net sales, for the first quarter of 2016.
"Our second quarter results reflect continued year on year improvements in revenue and earnings as sales to our customer base in diversified end markets have dampened historical volatility," said Tom Edman, CEO of TTM. "Strong operational execution across all of our business units drove non-GAAP earnings well above the high end of our guidance. A rebound in the cellular and communications end markets more than offset modest declines in the automotive and computing end markets, and our aerospace and defense end market hit a quarterly record in revenues."
Business Outlook
For the third quarter of 2016, TTM estimates that revenue will be in the range of $620 million to $660 million, and non-GAAP net income will be in the range of $0.29 to $0.35 per diluted share.
About TTM
TTM Technologies, Inc. is a major global printed circuit board manufacturer, focusing on quick-turn and technologically advanced PCBs, backplane assemblies and electro-mechanical solutions. 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.
Share on:
Suggested Items
Kitron: Q1 2025 - Strong Start to the Year
04/25/2025 | KitronKitron reported first-quarter results characterised by continued momentum in the Defence & Aerospace market sector and a growing order backlog.
RTX's Collins Aerospace Enhances Capabilities to Speed Marine Corps Decision-making in Battle
04/22/2025 | RTXCollins Aerospace, an RTX business, successfully demonstrated new technology that helps the military gather and use information from a wider range of sources at Project Convergence Capstone 5, a large-scale military exercise.
AdvancedPCB Appoints Gary Stoffer as Chief Commercial Officer
04/18/2025 | PRNewswireAdvancedPCB is proud to announce the appointment of Gary Stoffer as its new Chief Commercial Officer (CCO). In this role, Stoffer will lead all sales, marketing, and commercial strategy initiatives as the company continues its mission to deliver cutting-edge PCB solutions to industries worldwide.
Real Time with... IPC APEX EXPO 2025: GreenSource's Growth and Future Developments
04/15/2025 | Real Time with...IPC APEX EXPOThings are looking bright for GreenSource. Michael Gleason shares an update on GreenSource's recent growth and upcoming changes. A recipient of a Defense Production Act Investment Program award, GreenSource is planning for new substrate capabilities. Current investments continue to enhance equipment and sustainability initiatives such as water quality. And their unique collaboration with the University of New Hampshire continues to aid their workforce development, despite recruitment challenges.
Apogee Semiconductor Teams with Arrow Electronics to Expand Distribution of Space-Grade Technologies
04/14/2025 | Apogee SemiconductorApogee Semiconductor, a leading provider of advanced technologies for space and extreme environments, announced its collaboration with Arrow Electronics, a global distributor of electronic components and services.