TTM Technologies Reports Q1 2018 Results

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TTM Technologies, Inc. has reported results for the first quarter of fiscal 2018, which ended April 2nd, 2018.  The financial results provided below for the first quarter do not include any contribution from the acquisition of Anaren, Inc., which was completed on April 18, 2018.

First Quarter 2018 Highlights

• Net sales were $663.6 million
• GAAP net income was $10.1 million, or $0.09 per diluted share
• Non-GAAP net income was $28.0 million, or $0.26 per diluted share
• Completed the acquisition of Anaren, Inc.

First Quarter 2018 Financial Results

Net sales for the first quarter of 2018 were $663.6 million, compared to $625.2 million in the first quarter of 2017 and $739.3 million in the fourth quarter of 2017. 

GAAP operating income for the first quarter of 2018 was $30.0 million, compared to $52.6 million in the first quarter of 2017 and $71.0 million in the fourth quarter of 2017. 

GAAP net income for the first quarter of 2018 was $10.1 million, or $0.09 per diluted share.  This compares to $33.0 million, or $0.28 per diluted share, in the first quarter of 2017 and $49.2 million, or $0.40 per diluted share, in the fourth quarter of 2017. 

On a non-GAAP basis, net income for the first quarter of 2018 was $28.0 million, or $0.26 per diluted share. This compares to non-GAAP net income of $39.2 million, or $0.37 per diluted share, for the first quarter of 2017 and $61.2 million, or $0.57 per diluted share, in the fourth quarter of 2017.

Adjusted EBITDA for the first quarter of 2018 was $83.2 million, or 12.5 percent of net sales, compared to adjusted EBITDA of $95.6 million, or 15.3 percent of net sales, for the first quarter of 2017 and $121.7 million, or 16.5 percent of net sales, for the fourth quarter of 2017.

“As anticipated, we faced seasonal challenges in our consumer related cellular and computing markets in the first quarter resulting in expected short term pressure on margins,” said Tom Edman, CEO of TTM.  “We were pleased to see solid growth from the aerospace and defense and automotive end markets that more than offset weakness in our computing and networking markets.  We also closed the acquisition of Anaren in the second quarter, which we expect will further increase our exposure to the growing aerospace and defense end market and strengthen our ability to deliver value added solutions to our customers across all of the markets we serve.”

Business Outlook

For the second quarter of 2018, including the expected contribution from Anaren post acquisition, TTM estimates that revenue will be in the range of $700 million to $750 million, and non-GAAP net income will be in the range of $0.34 to $0.40 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.