Nolan’s Notes: Soldering Technologies
The Knowledge Base: The Impact of Harsh Environments on Residue Tolerance
Standard of Excellence: Hiring for Quality Positions in Manufacturing, Engineering, and Management
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
Mycronic Introduces New Machine Models to Its High-Performance Pick-And-Place Platform MYPRO A40
12/06/2024 | MycronicMycronic, the leading Sweden-based electronics assembly solutions provider, is introducing two new machine models MYPro A40SX and A40LX to its next-generation MYPro A40 pick-and-place platform, equipped with the all-new MX7 high-speed mounthead technology.
Telecom EMS Sector Embraces Green Manufacturing Practices
12/06/2024 | Globe NewswireThe global market for Telecom Electronic Manufacturing Services (EMS) was estimated at US$213.4 Billion in 2023 and is projected to reach US$319.5 Billion by 2030, growing at a CAGR of 5.9% from 2023 to 2030.
Growth Unfolds: The First of STARTEAM’s Trio of Factories Set to Expand
12/05/2024 | STARTEAM GLOBALSTARTEAM is thrilled to share news of our upcoming 3-step expansion at JST, with each step adding 50,000m² per month which began on May 27, 2024. This carefully planned extension is designed to significantly increase our production capacity and expand our talented team. Currently, our production space covers 30,000m². Through this expansion, we are setting our sights on incrementally increasing our capacity from 70,000m²/month to a remarkable 130,000m²/month.
American Standard Circuits Earns IATF 16949 Automotive Re-Certification
12/05/2024 | American Standard CircuitsAnaya Vardya, President and CEO of American Standard Circuits and ASC Sunstone has announced that his company’s West Chicago Division has passed their recent IATF 16949 Automotive re-certification.
Consumer Electronics Manufacturing Market to Surge Valuation Set to Hit $4,267 Billion by 2034 at 9.5% CAGR
12/05/2024 | Globe NewswireAccording to a new study published by Fact.MR, a market research and competitive intelligence provider, the worldwide Consumer Electronics Manufacturing Market is projected to increase from a value of US$ 1,727.94 billion in 2024 to US$ 4,267.27 billion by the end of 2034.