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TTM Technologies, Inc. Reports Fiscal Q1 2021 Results
April 29, 2021 | Globe NewswireEstimated reading time: 2 minutes
TTM Technologies, Inc., a leading global printed circuit board (PCB) and radio frequency (RF) components and assemblies manufacturer, today reported results for the first quarter of fiscal 2021, which ended on March 29, 2021.
First Quarter 2021 Highlights
- Net sales were $526.4 million
- GAAP net loss of $3.2 million, or ($0.03) per diluted share
- Non-GAAP net income was $25.3 million, or $0.23 per diluted share
- Cash flow from operations was $41.1 million
- Successful completion of $500 million Senior Notes offering at 4.0% due 2029, redemption of previously issued $375 million Senior Notes at 5.625% due 2025, and repayment of $40 million US ABL
First Quarter 2021 Financial Results
Net sales for the first quarter of 2021 were $526.4 million, compared to $497.6 million from continuing operations in the first quarter of 2020.
GAAP operating income from for the first quarter of 2021 was $19.8 million. This compares to GAAP operating income of $16.2 million from continuing operations in the first quarter of 2020.
GAAP net loss for the first quarter of 2021 was $3.2 million, inclusive of $15.2 million of debt extinguishment related charges, or ($0.03) per diluted share, compared to net loss of $3.2 million, or ($0.03) per diluted share from continuing operations in the first quarter of 2020.
On a non-GAAP basis, net income for the first quarter of 2021 was $25.3 million, or $0.23 per diluted share. This compares to non-GAAP net income of $16.7 million, or $0.16 per diluted share from continuing operations in the first quarter of 2020.
Adjusted EBITDA in the first quarter of 2021 was $61.0 million, or 11.6 percent of net sales, compared to adjusted EBITDA of $60.2 million, or 12.1 percent of net sales, from continuing operations, in the first quarter of 2020.
“In the first quarter, TTM delivered revenue and non-GAAP earnings above the midpoint of the previously guided range despite significant challenges from COVID-19 and tight supply conditions for certain raw materials. The solid performance was driven by better than expected sales across all end markets led by strong year on year growth from the automotive and data center computing end markets,” said Tom Edman, CEO of TTM. “Additionally, strict financial discipline drove solid operating cash flow in the quarter. Our improved financial performance enabled us to issue $500 million of new Senior Notes at a lower interest rate and longer tenor than our previous Senior Notes which were redeemed. These achievements reflect the strategic changes made to strengthen TTM, particularly the divestiture of the volatile mobility business which normally caused weak seasonal results in the first half of the year.”
Business Outlook
TTM estimates that revenue for the second quarter of 2021 will be in the range of $525 million to $565 million, and non-GAAP net income will be in the range of $0.27 to $0.33 per diluted share.
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