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TTM Technologies, a leading global printed circuit board (PCB) manufacturer, has declared its results for the second quarter of fiscal 2018, which ended July 2nd, 2018. The financial results provided for the second quarter include a partial quarter contribution from the acquisition of Anaren Inc which was completed on April 18th, 2018.
Second Quarter 2018 Highlights
- Net sales were $716.9 million
- GAAP net income was $84.0 million, or $0.65 per diluted share
- Non-GAAP net income was $52.3 million, or $0.48 per diluted share
- Completed acquisition of Anaren Inc.
- Cash flow from operations of $55.6 million
According to TTM, the net sales for the second quarter of 2018 were $716.9 million, compared to $627.2 million in the second quarter of 2017 and $663.6 million in the first quarter of 2018. GAAP operating income for the second quarter of 2018 was $31.7 million, compared to $45.1 million in the second quarter of 2017 and $30.0 million in the first quarter of 2018. GAAP net income for the second quarter of 2018 was $84.0 million, or $0.65 per diluted share. This compares to $20.6 million, or $0.18 per diluted share, in the second quarter of 2017 and $10.1 million, or $0.09 per diluted share, in the first quarter of 2018. The current quarter results reflect the release of a tax valuation allowance of $74.6 million.
On a non-GAAP basis, net income for the second quarter of 2018 was $52.3 million, or $0.48 per diluted share. This compares to non-GAAP net income of $33.3 million, or $0.31 per diluted share, for the second quarter of 2017 and $28.0 million, or $0.26 per diluted share, in the first quarter of 2018. Adjusted EBITDA for the second quarter of 2018 was $115.9 million, or 16.2 percent of net sales, compared to adjusted EBITDA of $85.5 million, or 13.6 percent of net sales, for the second quarter of 2017 and $83.2 million, or 12.5 percent of net sales, for the first quarter of 2018.
According to Tom Edman, CEO of TTM, in the second quarter, the company delivered strong results. They were pleased to see solid year over year growth from the aerospace and defense, automotive, computing and medical/industrial/instrumentation end markets that more than offset weakness in our cellular end market. Further, Anaren’s contribution in the quarter was better than forecasted. In longer term, Anaren’s deep RF expertise will strengthen TTM’s ability to engage with customers at the design stage in order to provide more value added solutions. For the third quarter of 2018 TTM estimates that revenue will be in the range of $730 million to $770 million, and non-GAAP net income will be in the range of $0.41 to $0.47 per diluted share.
Publisher: PCB Directory
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