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TTM Technologies, Inc., a leading global manufacturer of printed circuit boards (PCB), radio frequency (RF) components and RF microwave/microelectronic assemblies, reported results for the first quarter fiscal 2022, which ended on April 4, 2022.
First Quarter 2022 Highlights:
- Net sales were $581.3 million
- GAAP net income of $17.2 million, or $0.17 per diluted share
- Non-GAAP net income was $25.3 million, or $0.24 per diluted share
- Operating cash flow of $36.0 million
- Repurchased 2.4 million shares of common stock for $30.2 million at an average price of $12.74 per share
- Announced investment in a greenfield production facility in Malaysia
First Quarter 2022 GAAP Financial Results
Net sales for the first quarter of 2022 were $581.3 million, compared to $526.4 million in the first quarter of 2021.
GAAP operating income for the first quarter of 2022 was $25.9 million. This compares to GAAP operating income of $19.8 million in the first quarter of 2021.
GAAP net income for the first quarter of 2022 was $17.2 million, or $0.17 per diluted share, compared to net loss of $3.2 million, or ($0.03) per diluted share in the first quarter of 2021.
First Quarter 2022 Non-GAAP Financial Results
On a non-GAAP basis, net income for the first quarter of 2022 was $25.3 million, or $0.24 per diluted share. This compares to non-GAAP net income of $25.3 million, or $0.23 per diluted share, for the first quarter of 2021.
Adjusted EBITDA in the first quarter of 2022 was $62.0 million compared to adjusted EBITDA of $61.0 million for the first quarter of 2021.
“In the first quarter, TTM achieved revenues at the high end of guidance and non-GAAP earnings above the mid-point of the guided range. This outperformance was driven by strength in our commercial end markets, despite labor and production challenges in North America and inflationary pressures globally,” said Tom Edman, CEO of TTM. “We also took significant steps to advance our strategy of differentiation with the agreement to acquire Telephonics Corporation which provides engineered system level solutions for the Aerospace and Defense end market and enables TTM to move further up the value chain. In addition, we announced the building of a new manufacturing facility in Malaysia which enables TTM to offer our customers a regional alternative for high volume, high layer count PCBs to meet their supply chain resiliency requirements,” continued Mr. Edman.
TTM estimates that revenue for the second quarter of 2022 will be in the range of $580 million to $620 million, and non-GAAP net income will be in the range of $0.30 to $0.36 per diluted share. This guidance does not include any contribution of the previously announced acquisition of Telephonics as we are awaiting regulatory approvals prior to closing.