Facing the Future: Successfully Navigating the Uncertain Path Ahead
It’s Only Common Sense: Going After the Small Wins Fosters a Winning Culture
The Chemical Connection: Surface Finishes for PCBs
TTM Technologies Reports Q3 2024 Results
October 31, 2024 | TTM TechnologiesEstimated reading time: 3 minutes
TTM Technologies, Inc., a leading global manufacturer of technology solutions including mission systems, radio frequency (RF) components and RF microwave/microelectronic assemblies and printed circuit boards (PCBs) reported results for the third quarter 2024, which ended on September 30, 2024.
Third Quarter 2024 Highlights
- Net sales were $616.5 million
- GAAP net income of $14.3 million, or $0.14 per diluted share
- Non-GAAP net income was $42.7 million, or $0.41 per diluted share, inclusive of a $17.8 million pre-tax, non-operational, foreign exchange loss
- Cash flow from operations was $65.1 million, or 10.6% of sales
- Book to bill of 1.20 for the third quarter
- A&D program backlog a record $1.49 billion
- Third Quarter 2024 GAAP Financial Results
Net sales for the third quarter of 2024 were $616.5 million, compared to $572.6 million in the third quarter of 2023.
GAAP operating income for the third quarter of 2024 was $51.0 million compared to GAAP operating loss for the third quarter of 2023 of $10.2 million, inclusive of a $44.1 million goodwill impairment charge related to the RF&S Components segment.
GAAP net income for the third quarter of 2024 was $14.3 million, or $0.14 per diluted share, compared to GAAP net loss for the third quarter of 2023 of $37.1 million, or ($0.36) per diluted share. GAAP net income for the third quarter of 2024 included a $17.8 million pre-tax foreign exchange loss, compared to a $0.9 million pre-tax foreign exchange gain in the third quarter of 2023.
Third Quarter 2024 Non-GAAP Financial Results
On a non-GAAP basis, net income for the third quarter of 2024 was $42.7 million, or $0.41 per diluted share. This compares to non-GAAP net income of $44.9 million, or $0.43 per diluted share, for the third quarter of 2023. Non-GAAP net income for the third quarter of 2024 included a $17.8 million pre-tax foreign exchange loss, compared to a $0.9 million pre-tax foreign exchange gain in the third quarter of 2023.
Adjusted EBITDA in the third quarter of 2024 was $84.4 million, or 13.7% of sales compared to adjusted EBITDA of $84.1 million, or 14.7% of sales for the third quarter of 2023. Adjusted EBITDA for the third quarter of 2024 included a $17.8 million foreign exchange loss, compared to a $0.9 million foreign exchange gain in the third quarter of 2023.
“TTM delivered strong operating margin performance due to higher revenues, favorable mix, and outstanding operational execution. Revenues reflected the third consecutive quarter of year on year growth due to demand strength in our Aerospace and Defense and Data Center Computing end markets, the latter being driven by generative AI,” said Tom Edman, CEO of TTM. “In addition, cash flow from operations was a healthy 10.6% of revenues enabling the company to maintain a solid balance sheet with a net leverage ratio of 1.4x,” concluded Mr. Edman.
Business Outlook
For the fourth quarter of 2024, TTM estimates that revenues will be in the range of $610 million to $650 million, and non-GAAP net income will be in the range of $0.44 to $0.50 per diluted share.
With respect to the Company’s outlook for non-GAAP net income per diluted share, we are unable to predict with reasonable certainty or without unreasonable effort certain items that may affect a comparable measure calculated and presented in accordance with GAAP. Our expected non-GAAP net income per diluted share excludes primarily the future impact of restructuring actions, impairment charges, unusual gains and losses, and tax adjustments. These reconciling items are highly variable and difficult to predict due to various factors outside of management’s control and could have a material impact on our future period net income per diluted share calculated and presented in accordance with GAAP. Accordingly, a reconciliation of non-GAAP net income per diluted share to a comparable measure calculated and presented in accordance with GAAP has not been provided because the Company is unable to provide such reconciliation without unreasonable effort. For the same reasons, TTM is unable to address the probable significance of the information.
Share on:
Suggested Items
BEST Inc to Host Soldering 101 Workshop at Illinois & Michigan Locations
04/15/2025 | BEST Inc.BEST Inc., a leader in electronic component services, training, and products is pleased to announce it will host multiple Soldering 101 workshops in its Rolling Meadows, Illinois and Lansing, Michigan locations.
Electronic System Design Industry Posts $4.9 Billion in Revenue in Q4 2024
04/15/2025 | SEMIElectronic System Design (ESD) industry revenue increased 11% to $4,927.3 million in the fourth quarter of 2024 from the $4440.9 million reported in the fourth quarter of 2023, the ESD Alliance, a SEMI Technology Community, announced in its latest Electronic Design Market Data (EDMD) report.
Explore TRI's Test and Inspection Innovations at ElectroneX
04/15/2025 | TRIGPC Electronics, TRI's industry partner, will participate in the ElectroneX Electronics Design & Assembly Expo 2025 at the Melbourne Convention & Exhibition Centre, Australia, on May 7–8, 2025.
Northrop Grumman Achieves First-Ever Undocking Between Two Commercial Spacecraft in Geosynchronous Orbit
04/14/2025 | Northrop GrummanA Mission Extension Vehicle (MEV) developed by Northrop Grumman Corporation’s Space Logistics LLC has successfully undocked with Intelsat’s IS-901 satellite, completing its life extension service.
STMicroelectronics Details Company-Wide Program to Reshape Manufacturing Footprint and Resize Global Cost Base
04/14/2025 | STMicroelectronicsSTMicroelectronics N.V., a global semiconductor leader serving customers across the spectrum of electronics applications, disclosed further elements of its program to reshape its global manufacturing footprint.