Business
TTM Technologies, Inc. Reports Second Quarter 2024 Results
SANTA ANA, Calif., July 31, 2024 (GLOBE NEWSWIRE) -- TTM Technologies, Inc. (NASDAQ: TTMI), a leading global manufacturer of technology solutions including
About this update from Ttm Technologies, Inc.
[{"type":"text","content":"SANTA ANA, Calif., July 31, 2024 (GLOBE NEWSWIRE) -- TTM Technologies, Inc. (NASDAQ: TTMI), a leading global manufacturer of technology solutions including mission systems, radio frequency (“RF”) components and RF microwave/microelectronic assemblies, quick-turn and technologically advanced printed circuit boards (“PCB”), today reported results for the second quarter 2024, which ended on July 1, 2024. Second Quarter 2024 Highlights Net sales were $605.1 millionGAAP net income of $26.4 million, or $0.25 per diluted shareNon-GAAP net income was $40.1 million, or $0.39 per diluted shareCash flow from operations was $41.9 millionRepurchased 1.39 million shares of common stock for $25.1 million at an average price of $18.09 per shareAnticipate close of the refinancing of $346.5 million of a senior secured term loan at an interest rate of SOFR + 2.25% Second Quarter 2024 GAAP Financial Results Net sales for the second quarter of 2024 were $605.1 million, compared to $546.5 million in the second quarter of 2023. GAAP operating income for the second quarter of 2024 was $39.0 million compared to GAAP operating income for the second quarter of 2023 of $21.4 million. GAAP net income for the second quarter of 2024 was $26.4 million, or $0.25 per diluted share, compared to GAAP net income of $6.8 million, or $0.07 per diluted share in the second quarter of 2023. Second Quarter 2024 Non-GAAP Financial Results On a non-GAAP basis, net income for the second quarter of 2024 was $40.1 million, or $0.39 per diluted share. This compares to non-GAAP net income of $33.0 million, or $0.32 per diluted share, for the second quarter of 2023. Adjusted EBITDA in the second quarter of 2024 was $84.6 million, or 14.0% of sales compared to adjusted EBITDA of $74.7 million, or 13.7% of sales for the second quarter of 2023. “TTM reported Non-GAAP EPS that was above the guided range and demonstrated solid year on year growth due to higher revenues and improved operational execution. Revenues were above the guided range, representing the second consecutive quarter of year on year growth due to demand strength in our Aerospace and Defense and Data Center Computing end markets, the latter being driven by generative AI,” said Tom Edman, CEO of TTM. “In addition, cash flow from operations was a healthy $41.9 million enabling us to repurchase stock while maintaining a...