TTM Technologies Releases First Fiscal Quarter 2019 Results

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Global printed circuit board developer, TTM Technologies, has released its financial report for the first quarter of fiscal 2019, which ended on April 1, 2019.

First Quarter 2019 Highlights

• Net sales were $620.2 million
• GAAP net income was a loss of $3.3 million, or ($0.03) per share
• Non-GAAP net income was $16.4 million, or $0.16 per diluted share, inclusive of $0.03 of foreign exchange losses
• Cash flow from operations of $36.9 million
• Repaid $30 million of our Term Loan B

First Quarter 2019 Financial Results 

Net sales for the first quarter of 2019 were $620.2 million, compared to $663.6 million in the first quarter of 2018 and $711.0 million in the fourth quarter of 2018. GAAP operating income for the first quarter of 2019 was $17.5 million, compared to $30.0 million in the first quarter of 2018 and $42.8 million in the fourth quarter of 2018. GAAP net income for the first quarter of 2019 was a loss of $3.3 million, or ($0.03) per share.  This compares to income of $10.1 million, or $0.09 per diluted share, in the first quarter of 2018 and $52.5 million, or $0.42 per diluted share, in the fourth quarter of 2018. 

On a non-GAAP basis, net income for the first quarter of 2019 was $16.4 million, or $0.16 per diluted share. This compares to non-GAAP net income of $28.0 million, or $0.26 per diluted share, for the first quarter of 2018 and $55.0 million, or $0.52 per diluted share, in the fourth quarter of 2018. Adjusted EBITDA for the first quarter of 2019 was $78.5 million, or 12.7 percent of net sales, compared to adjusted EBITDA of $83.2 million, or 12.5 percent of net sales, for the first quarter of 2018 and $117.4 million, or 16.5 percent of net sales, for the fourth quarter of 2018.

According to Tom Edman, CEO of TTM, for the first quarter, TTM generated good cash flow and delivered earnings within the previously guided range, despite weakness in some of commercial end markets. They are thus pleased to see solid year over year growth from the aerospace and defense end market that partially offset weakness in our cellular and automotive end markets. The company expects softness in the commercial markets to continue in Q2 and plans to address this challenge with the same discipline they have demonstrated in the past. At the same time, they will continue to be focused on cash flow generation and strategic goals of diversification and differentiation.

Business Outlook

For the second quarter of 2019 TTM estimates that revenue will be in the range of $610 million to $650 million, and non-GAAP net income will be in the range of $0.15 to $0.21 per diluted share.