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Written by Mike Buetow
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Friday, 02 November 2007 |
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SANTA ANA, CA – The Santa Ana trade winds couldn’t slow down
TTM Technologies in the third quarter. The PWB fabricator roared to a 32% year-over-year gain in net income to $8.2 million as gross
margins rose 100 basis points to 19.2%.
Net sales rose 114% to $163.1 million year-over-year, and 1%
sequentially. Operating income more than doubled versus last year, and rose
$2.1 million sequentially to $15.2 million.
Net income was down 22% sequentially.
The 2007 results include the acquisition of Tyco’s Printed
Circuit Group, which TTM acquired in late 2006.
The company paid down $11 million in debt during the quarter.
Selling and marketing expenses dropped 0.3 points to 4.4% of
sales. SG&A was flat at 5.5% of sales.
PCB manufacturing sales were $140.5 million in the quarter, up
from $138.7 million in the second quarter. Backplane assembly net sales were
$30.7 million, down from $32.2 million. Aerospace and defense drove the upswing, offsetting softness
in computing.
TTM reported a book-to-bill ratio of 1.23 for the three
months ending in September. TTM estimates fourth-quarter revenues of $164 million to
$172 million. “The strength that we are seeing for the fourth quarter is
broad-based across all of our end markets,” said president and CEO Kent Alder.
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