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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.
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