TTM Technologies Reports Fiscal 1Q19 Results
May 2, 2019 | Globe NewswireEstimated reading time: 2 minutes
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.”
Business Outlook
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.
About TTM
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.
Suggested Items
Cicor Records Solid Growth in Q1
04/16/2024 | CicorThe Cicor Group continued to grow in the first three months of the year. Quarterly sales increased by 11.8% to CHF 107.3 million compared to the first quarter of the previous year (Q1/2023: CHF 96.0 million).
TT Electronics Awarded Contract with Kongsberg Defence and Aerospace
04/11/2024 | TT ElectronicsTT Electronics, a leading provider of global manufacturing solutions and engineered technologies, announced today that its Fairford UK business has been awarded a new contract with long-standing customer Kongsberg Defence and Aerospace (Kongsberg) for the production of complex cable harness solutions.
Cicor Successfully Completes Acquisition of TT Electronics IoT Solutions Ltd.
04/03/2024 | CicorThe Cicor Group has successfully completed the acquisition of TT Electronics IoT Solutions Ltd. with three production sites in the UK and China.
Absolute EMS Successfully Recertifies ISO 9001:2015 and AS9100 Standards
03/26/2024 | Absolute EMS, Inc.Absolute EMS, Inc., an award-winning EMS provider of turnkey contract manufacturing services, is proud to announce the successful recertification of its ISO 9001:2015 and AS9100 Rev D SAE International Aerospace Standards.
Arlon EMC Receives IPC-4101 QPL Recertification
03/20/2024 | Arlon Electronic MaterialsArlon Electronic Materials has successfully completed an intensive two-day recertification audit by IPC Validation Services that examined Arlon’s manufacturing processes and testing procedures to assure that they are in conformance to the requirements of IPC-4101E-WAM1, the Specification for Base Materials for Rigid and Multilayer Printed Boards.