Business
TTM Technologies, Inc. Reports Fiscal Fourth Quarter and 2020 Results
SANTA ANA, Calif., Feb. 03, 2021 (GLOBE NEWSWIRE) -- TTM Technologies, Inc. (NASDAQ:TTMI), a leading global printed circuit board (“PCB”) and radio frequency
About this update from Ttm Technologies, Inc.
[{"type":"text","content":"SANTA ANA, Calif., Feb. 03, 2021 (GLOBE NEWSWIRE) -- TTM Technologies, Inc. (NASDAQ:TTMI), a leading global printed circuit board (“PCB”) and radio frequency (“RF”) components manufacturer, today reported results for the fourth quarter of fiscal 2020, which ended on December 28, 2020. Fourth Quarter 2020 Highlights Net sales were $523.8 millionGAAP net income of $39.0 million, or $0.34 per diluted shareNon-GAAP net income was $40.2 million, or $0.37 per diluted shareCash flow from operations of $55.5 millionRepaid and settled $250 million convertible bondsLeverage ratio at end of Q4 2020 was 1.4x defined as net debt divided by the last twelve months EBITDA (excluding Mobility), the lowest level in five yearsIn Q1 2021, announced $100 million stock repurchase program in separate press release On April 19th, 2020, TTM completed the previously announced sale of its Mobility business unit. The operating results and related assets and liabilities of the Mobility business under US GAAP are presented as discontinued operations for all periods. Non-GAAP results do not include Mobility results but still include the two E-MS plants being shut down. Please refer to the earnings schedule for additional details on exited businesses and continuing operations. Fourth Quarter 2020 GAAP Financial Results Net sales from continuing operations for the fourth quarter of 2020 were $523.8 million, compared to $535.7 million in the fourth quarter of 2019. GAAP operating income from continuing operations for the fourth quarter of 2020 was $29.2 million. This compares to GAAP operating income of $29.4 million in the fourth quarter of 2019. GAAP net income from continuing operations for the fourth quarter of 2020 was $39.0 million, or $0.34 per diluted share, compared to net income of $10.8 million, or $0.10 per diluted share in the fourth quarter of 2019. Fourth Quarter 2020 Non-GAAP Financial Results On a non-GAAP basis, net income from continuing operations for the fourth quarter of 2020 was $40.2 million, or $0.37 per diluted share. This compares to non-GAAP net income of $27.5 million, or $0.26 per diluted share, for the fourth quarter of 2019. Adjusted EBITDA for continuing operations in the fourth quarter of 2020 was $68.2 million, or 13.0 percent of net sales, compared to adjusted EBITDA of $72.8 million, or 13.6 percent of net sales, for the four...