TTM Technologies Reports Q1 2025 Results

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TTM Technologies, Inc., a leading global manufacturer of technology solutions, including mission systems, radio frequency (RF) components, RF microwave/microelectronic assemblies, and quick-turn and technologically advanced printed circuit boards (PCBs) reported results for the first quarter 2025, which ended on March 31, 2025.

First Quarter 2025 Highlights

• Net sales were $648.7 million, up 14% year on year
• GAAP net income of $32.2 million, or $0.31 per diluted share
• Non-GAAP net income of $52.4 million, or $0.50 per diluted share, a record high for a first quarter
• Cash usage from operations of $10.7 million due to an increase in working capital
• Book to bill of 1.10 for the first quarter
• A&D program backlog $1.55 billion
• First Quarter 2025 GAAP Financial Results
• Net sales for the first quarter of 2025 were $648.7 million, compared to $570.1 million in the first quarter of 2024.
• GAAP operating income for the first quarter of 2025 was $50.3 million compared to GAAP operating income for the first quarter of 2024 of $17.1 million.
• GAAP net income for the first quarter of 2025 was $32.2 million, or $0.31 per diluted share, compared to GAAP net income for the first quarter of 2024 of $10.5 million, or $0.10 per diluted share.

First Quarter 2025 Non-GAAP Financial Results

On a non-GAAP basis, net income for the first quarter of 2025 was $52.4 million, or $0.50 per diluted share. This compares to non-GAAP net income of $29.1 million, or $0.28 per diluted share, for the first quarter of 2024.

Adjusted EBITDA in the first quarter of 2025 was $99.5 million, or 15.3% of sales compared to adjusted EBITDA of $70.5 million, or 12.4% of sales for the first quarter of 2024.

“We delivered a strong quarter with revenues and non-GAAP EPS above the high end of the guided range. Revenues grew 14% year on year due to demand strength in our Aerospace and Defense, Data Center Computing and Networking end markets, the latter two being driven by generative AI,” said Tom Edman, CEO of TTM. “Non-GAAP operating margins were 10.5%, up 340 basis points year on year, and were double digit for the third consecutive quarter, reflecting continued solid execution, particularly in a normally challenging first quarter. Finally, non-GAAP EPS was a record high for a first quarter at $0.50 per diluted share,” concluded Mr. Edman.

Business Outlook

For the second quarter of 2025, TTM estimates that revenues will be in the range of $650 million to $690 million, and non-GAAP net income will be in the range of $0.49 to $0.55 per diluted share.