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TTM Technologies, Inc. reported results for the first quarter of fiscal 2019, which ended on April 1, 2019.
First Quarter 2019 Highlights:
- Net sales were $620.2 million
- GAAP net income was a loss of $3.3 million, or ($0.03) per share
- Non-GAAP net income was $16.4 million, or $0.16 per diluted share, inclusive of $0.03 of foreign exchange losses
- Cash flow from operations of $36.9 million
- Repaid $30 million of our Term Loan B
- First Quarter 2019 Financial Results
Net sales for the first quarter of 2019 were $620.2 million, compared to $663.6 million in the first quarter of 2018 and $711.0 million in the fourth quarter of 2018.
GAAP operating income for the first quarter of 2019 was $17.5 million, compared to $30.0 million in the first quarter of 2018 and $42.8 million in the fourth quarter of 2018.
GAAP net income for the first quarter of 2019 was a loss of $3.3 million, or ($0.03) per share. This compares to income of $10.1 million, or $0.09 per diluted share, in the first quarter of 2018 and $52.5 million, or $0.42 per diluted share, in the fourth quarter of 2018.
On a non-GAAP basis, net income for the first quarter of 2019 was $16.4 million, or $0.16 per diluted share. This compares to non-GAAP net income of $28.0 million, or $0.26 per diluted share, for the first quarter of 2018 and $55.0 million, or $0.52 per diluted share, in the fourth quarter of 2018.
Adjusted EBITDA for the first quarter of 2019 was $78.5 million, or 12.7% of net sales, compared to adjusted EBITDA of $83.2 million, or 12.5% of net sales, for the first quarter of 2018 and $117.4 million, or 16.5% of net sales, for the fourth quarter of 2018.
“For the first quarter, TTM generated good cash flow and delivered earnings within the previously guided range, despite weakness in some of our commercial end markets,” said Tom Edman, CEO of TTM. “We were pleased to see solid year over year growth from the aerospace and defense end market that partially offset weakness in our cellular and automotive end markets. We expect softness in the commercial markets to continue in Q2 and plan to address this challenge with the same discipline we have demonstrated in the past. At the same time, we will continue to be focused on cash flow generation and our strategic goals of diversification and differentiation.”
For the second quarter of 2019 TTM estimates that revenue will be in the range of $610 million to $650 million, and non-GAAP net income will be in the range of $0.15 to $0.21 per diluted share.
TTM Technologies, Inc. is a leading global printed circuit board manufacturer, focusing on quick-turn and volume production of technologically advanced PCBs, backplane assemblies and electro-mechanical solutions as well as a global designer and manufacturer of RF and microwave components and assemblies. TTM stands for time-to-market, representing how TTM's time-critical, one-stop manufacturing services enable customers to shorten the time required to develop new products and bring them to market.