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TTM Technologies, Inc., a leading global manufacturer of technology solutions including mission systems, radio frequency (RF) components and RF microwave/microelectronic assemblies, quick-turn and technologically advanced printed circuit boards (PCB), reported results for the first quarter 2024, which ended on April 1, 2024.
First Quarter 2024 Highlights
- Net sales were $570.1 million
- GAAP net income of $10.5 million, or $0.10 per diluted share
- Non-GAAP net income was $32.8 million, or $0.31 per diluted share
- Cash flow from operations was $43.9 million
- Repurchased 600,000 shares of common stock for $9.3 million at an average price of $15.56 per share
First Quarter 2024 GAAP Financial Results
Net sales for the first quarter of 2024 were $570.1 million, compared to $544.4 million in the first quarter of 2023.
GAAP operating income for the first quarter of 2024 was $17.1 million compared to GAAP operating loss for the first quarter of 2023 of $3.5 million.
GAAP net income for the first quarter of 2024 was $10.5 million, or $0.10 per diluted share, compared to GAAP net loss of $5.8 million, or ($0.06) per diluted share in the first quarter of 2023.
First Quarter 2024 Non-GAAP Financial Results
On a non-GAAP basis, net income for the first quarter of 2024 was $32.8 million, or $0.31 per diluted share. This compares to non-GAAP net income of $18.6 million, or $0.18 per diluted share, for the first quarter of 2023.
Adjusted EBITDA in the first quarter of 2024 was $74.8 million, or 13.1% of sales compared to adjusted EBITDA of $58.5 million, or 10.7% of sales for the first quarter of 2023.
