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TTM Technologies, Inc. today reported results for the third quarter 2016, which ended September 26, 2016.
Third Quarter 2016 Highlights
- Net sales were $641.7 million
- GAAP net income attributable to stockholders was $25.6 million, or $0.23 per diluted share
- Non-GAAP net income attributable to stockholders was $40.1 million, or $0.39 per diluted share
- Adjusted EBITDA was $102.2 million
Third Quarter 2016 Financial Results
Net sales for the third quarter of 2016 were $641.7 million, compared to $652 million in the third quarter of 2015 and $601.8 million in the second quarter of 2016.
GAAP operating income for the third quarter of 2016 was $50.2 million, compared to $23.6 million in the third quarter of 2015 and $34.7 million in the second quarter of 2016.
GAAP net income attributable to stockholders for the third quarter of 2016 was $25.6 million, or $0.23 per diluted share. This compares to a GAAP net loss attributable to stockholders of $2.2 million, or $0.02 per share, in the third quarter of 2015 and GAAP net income of $18.5 million, or $0.17 per diluted share, in the second quarter of 2016.
On a non-GAAP basis, net income attributable to stockholders for the third quarter of 2016 was $40.1 million, or $0.39 per diluted share. This compares to non-GAAP net income of $23.8 million, or $0.24 per diluted share, for the third quarter of 2015 and $28.4 million, or $0.28 per diluted share, in the second quarter of 2016.
Adjusted EBITDA for the third quarter of 2016 was $102.2 million, or 15.9 percent of net sales, compared to adjusted EBITDA of $87.6 million, or 13.4 percent of net sales, for the third quarter of 2015 and $90.2 million, or 15 percent of net sales, for the second quarter of 2016.
"Our third quarter revenues matched our expectations while profitability was better than forecast driving earnings to the highest level in years," said Tom Edman, CEO of TTM. "Strong operational execution drove non-GAAP earnings above the high end of our guidance. Sequentially, a sharp acceleration in the cellular end market more than offset modest declines in the networking and communications end market, demonstrating the benefits of diversification."
Business Outlook
For the fourth quarter of 2016, TTM estimates that revenue will be in the range of $650 million to $690 million, and non-GAAP net income will be in the range of $0.42 to $0.48 per diluted share. Our fourth quarter will have 14 weeks compared to the normal 13 weeks as fiscal 2016 is a 53 week year.
About TTM
TTM Technologies, Inc. is a leading 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.
