IT, Cellphones Ring Up Higher Sales for TTM | Print |  E-mail
Written by Mike Buetow   
Thursday, 02 May 2013 16:00

COSTA MESA, CA -- TTM Technologies today reported first-quarter net sales rose 8.3% year-over-year on higher demand for cellphones and networking gear.

Net sales for the period ended April 1 were $325.4 million, down 14.8% sequentially on seasonality.

The printed circuit board manufacturer reported GAAP net income fell 47% from a year ago to $5.2 million, while operating income was down 42% to $12.7 million.

"Our results for the first quarter for both Asia Pacific and North America were in line with our expectations," said Kent Alder, CEO of TTM. "While we experienced normal seasonality during the quarter, we were pleased to realize a year-over-year increase in revenue due to increased sales in our cellular phone and networking end markets. We were also encouraged to see an improvement in the aerospace and defense end market both sequentially and year-over-year, despite current defense budget challenges."

"We remain confident in our strategy to address our served markets and in our growth prospects for our advanced technology PCBs. Looking towards the second half of the year, we are becoming more positive about the business climate and we believe TTM is well positioned for an improving demand environment," Alder said.

For its second quarter of 2013, TTM guided for revenue of $320 million to $340 million.

Last Updated on Friday, 03 May 2013 16:07
 

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