TTM Technologies Inc

Latest Results (06.08.2024):

Net Sales Increase

TTM Technologies Inc. reported net sales of $605.1 million for the second quarter of 2024, a significant increase from the $546.5 million reported in the second quarter of 2023. This growth reflects strong demand in their key markets, particularly in Aerospace and Defense and Data Center Computing.

GAAP Net Income

For the second quarter of 2024, TTM Technologies Inc. achieved a GAAP net income of $26.4 million, or $0.25 per diluted share. This is a substantial improvement compared to the GAAP net income of $6.8 million, or $0.07 per diluted share, reported in the same quarter of the previous year.

Non-GAAP Financial Performance

On a non-GAAP basis, TTM Technologies Inc. reported a net income of $40.1 million, or $0.39 per diluted share, for the second quarter of 2024. This compares favorably to the non-GAAP net income of $33.0 million, or $0.32 per diluted share, reported in the second quarter of 2023.

Cash Flow and Stock Repurchase

TTM Technologies Inc. generated a healthy cash flow from operations amounting to $41.9 million in the second quarter of 2024. Additionally, the company repurchased 1.39 million shares of common stock for $25.1 million at an average price of $18.09 per share, demonstrating strong financial management and shareholder value enhancement.

Business Outlook

Looking ahead to the third quarter of 2024, TTM Technologies Inc. estimates that revenues will be in the range of $580 million to $620 million. The company also projects non-GAAP net income to be between $0.37 and $0.43 per diluted share, reflecting continued confidence in their market position and operational execution.