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TTM Technologies’ Revenues and Operating Profits in Fiscal 3Q17 Exceed Expectations
November 17, 2017 | TTM Technologies, Inc.Estimated reading time: 2 minutes
TTM Technologies Inc. reported results for the third quarter of fiscal 2017, which ended October 2nd, 2017.
Third Quarter 2017 Highlights
- Net sales were $666.8 million
- GAAP net income attributable to stockholders was $21.5 million, or $0.19 per diluted share
- Non-GAAP net income attributable to stockholders was $33.4 million, or $0.32 per diluted share
- Excluding a $7.4 million (non-cash) foreign exchange loss, non-GAAP earnings per diluted share were $0.38
- Adjusted EBITDA was $85.7 million
Third Quarter 2017 Financial Results
Net sales for the third quarter of 2017 were $666.8 million, compared to $641.7 million in the third quarter of 2016 and $627.2 million in the second quarter of 2017.
GAAP operating income for the third quarter of 2017 was $44.1 million, compared to $50.2 million in the third quarter of 2016 and $45.1 million in the second quarter of 2017.
GAAP net income attributable to stockholders for the third quarter of 2017 was $21.5 million, or $0.19 per diluted share. This compares to a GAAP net income attributable to stockholders of $25.6 million, or $0.23 per diluted share, in the third quarter of 2016 and a GAAP net income of $20.6 million, or $0.18 per diluted share, in the second quarter of 2017.
On a non-GAAP basis, net income attributable to stockholders for the third quarter of 2017 was $33.4 million, or $0.32 per diluted share. This compares to non-GAAP net income attributable to stockholders of $40.1 million, or $0.39 per diluted share, for the third quarter of 2016 and $33.3 million, or $0.31 per diluted share, in the second quarter of 2017.
Adjusted EBITDA for the third quarter of 2017 was $85.7 million, or 12.9 percent of net sales, compared to adjusted EBITDA of $102.2 million, or 15.9 percent of net sales, for the third quarter of 2016 and $85.5 million, or 13.6 percent of net sales, for the second quarter of 2017.
“TTM delivered the fourth consecutive quarter of year on year organic growth with revenues and operating performance that exceeded our expectations,” said Tom Edman, CEO of TTM. “On a year over year basis, the fastest growth in the third quarter came from the computing, automotive and the aerospace and defense end markets. Absent a foreign exchange loss due to the weakening U.S. dollar, non-GAAP EPS was above the high end of guidance.”
Business Outlook
For the fourth quarter of 2017, TTM estimates that revenue will be in the range of $700 million to $750 million, and non-GAAP net income attributable to stockholders will be in the range of $0.49 to $0.55 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. 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.
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