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 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:
Testimonial
"The I-Connect007 team is outstanding—kind, responsive, and a true marketing partner. Their design team created fresh, eye-catching ads, and their editorial support polished our content to let our brand shine. Thank you all! "
Sweeney Ng - CEE PCBSuggested 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.