-
- News
- Books
Featured Books
- pcb007 Magazine
Latest Issues
Current IssueIt's Show Time!
In this month’s issue of PCB007 Magazine we reimagine the possibilities featuring stories all about IPC APEX EXPO 2025—covering what to look forward to, and what you don’t want to miss.
Fueling the Workforce Pipeline
We take a hard look at fueling the workforce pipeline, specifically at the early introduction of manufacturing concepts and business to young people in this issue of PCB007 Magazine.
Inner Layer Precision & Yields
In this issue, we examine the critical nature of building precisions into your inner layers and assessing their pass/fail status as early as possible. Whether it’s using automation to cut down on handling issues, identifying defects earlier, or replacing an old line...
- Articles
- Columns
Search Console
- Links
- Media kit
||| MENU - pcb007 Magazine
TTM Technologies Reports Fiscal Q3 2022 Results
November 4, 2022 | TTM Technologies, Inc.Estimated reading time: 2 minutes

TTM Technologies, Inc., a leading global manufacturer of technology solutions including engineered systems, radio frequency (RF) components and RF microwave/microelectronic assemblies, and printed circuit boards (PCB), reported results for the third quarter fiscal 2022, which ended on October 3, 2022 and includes a full quarter’s contribution from the acquisition of Telephonics, which closed at the end of the second quarter of 2022.
Third Quarter 2022 Highlights
- Net sales were $671.1 million
- GAAP net income of $43.5 million, or $0.42 per diluted share
- Non-GAAP net income was $57.9 million, or $0.56 per diluted share
- Operating cash flow of $80.0 million; free cash flow of $53.7 million
- Net leverage (net debt divided by last twelve months EBITDA) of 1.8x.
Third Quarter 2022 GAAP Financial Results
Net sales for the third quarter of 2022 were $671.1 million, compared to $556.8 million in the third quarter of 2021.
GAAP operating income for the third quarter of 2022 was $49.8 million. This compares to GAAP operating income of $32.2 million in the third quarter of 2021.
GAAP net income for the third quarter of 2022 was $43.5 million, or $0.42 per diluted share, compared to GAAP net income of $21.0 million, or $0.19 per diluted share in the third quarter of 2021.
Third Quarter 2022 Non-GAAP Financial Results
On a non-GAAP basis, net income for the third quarter of 2022 was $57.9 million, or $0.56 per diluted share. This compares to non-GAAP net income of $36.5 million, or $0.34 per diluted share, for the third quarter of 2021.
Adjusted EBITDA in the third quarter of 2022 was $102.5 million compared to adjusted EBITDA of $68.6 million for the third quarter of 2021.
“In the third quarter, TTM delivered solid growth in revenues in-line with the guided range and up significantly year on year as we saw growth across all of our end markets. Our non-GAAP earnings were also up significantly and were well above the high end of the guided range. On a year on year basis, we also saw meaningful improvement in operating margins. Of particular note, we saw strong cash flow in the last quarter and for the last year as we generated $162.1 million in free cash flow over the last twelve months, and reduced our net leverage to 1.8x, below our 2x target,” said Tom Edman, CEO of TTM. “We also saw record bookings of $319.4 million in the Aerospace and Defense end market excluding Telephonics, and $387.8 million including Telephonics. Post acquisition, approximately 40% of our revenues are now from the Aerospace and Defense end market, which positions the company well for any softening that may occur in our commercial markets,” concluded Mr. Edman.
Business Outlook
TTM estimates that revenue for the fourth quarter of 2022 will be in the range of $630 million to $670 million, and non-GAAP net income will be in the range of $0.36 to $0.42 per diluted share.
Suggested Items
Collins Aerospace Approved to Begin Full Rate Production of MAPS Gen II system
03/13/2025 | Collins AerospaceCollins Aerospace, an RTX business, has received approval for Full Rate Production of the Mounted Assured Positioning, Navigation and Timing (PNT) Generation II system (MAPS GEN II).
Applied Aerospace Acquires NeXolve
03/12/2025 | PRNewswireApplied Aerospace, a proven manufacturer of solutions for commercial and military spacecraft, aircraft, and ground-based systems, announced it has completed the acquisition of NeXolve.
RTX's Collins Aerospace Unveils New Engineering Development and Test Center in Bengaluru
03/10/2025 | RTXCollins Aerospace, an RTX business, opened its new Engineering Development and Test Center (EDTC) at the company’s North Gate campus in Bengaluru, India. The new facility streamlines product development, testing, and certification of components locally, bringing aerospace technologies to market faster.
Jaltek Joins Midlands Aerospace Alliance
03/06/2025 | JaltekJaltek are delighted to officially announce that they have joined the Midlands Aerospace Alliance (MAA). The MAA which was formed in 2003 to support and represent the aerospace industry across the Midlands region, now represents one of the largest aerospace clusters in the world and is one of the strongest advocates for both the aerospace industry and the Midlands region.
Real Time with... IPC APEX EXPO 2025: Navigating Aerospace Training Trends With Blackfox
02/26/2025 | Real Time with...IPC APEX EXPOSharon Montana-Beard, Blackfox Training’s vice president of international and strategic sales, updates Nolan Johnson on the latest training demands and offerings from Blackfox.