TTM's Q2, Outlook on Upswing | Print |  E-mail
Written by Mike Buetow   
Friday, 02 August 2013 13:25

COSTA MESA, CA -- TTM Technologies' second-quarter net income nearly doubled year-over-year to $13.1 million. For the period ended July 1, the printed circuit board manufacturer reported sales of $338 million, up 3.2% from a year ago and 3.9% sequentially.

The company reported 2012 earnings of $7.4 million, and first-quarter 2013 profits of $5.2 million.

"Overall results for the second quarter were in line with our guidance," said Kent Alder, CEO of TTM. "During the quarter, we experienced broad-based strength in our networking and communications end market in both Asia Pacific and North America. We saw some softness in our computing end market while our other end markets remained steady."

GAAP operating income was $28.3 million compared to $12.7 million in the first quarter and $18.1 million a year ago. The results include a gain of $17.9 million resulting from TTM's sale of its equity interest in the SYE plant. Excluding this gain, operating income was $10.4 million.

The SYE plant sale, which is to be completed during the current quarter, will generate approximately $80 million net for TTM. The transaction will also reduce TTM's footprint for conventional PCBs in Asia Pacific and over time is expected to improve capacity utilization and gross margins.

 

"Operating cash flow was strong in the second quarter. We generated $58.7 million in operating cash flow, which supports our growth initiatives through manufacturing capacity expansion and productivity enhancements. With the completion of the SYE and DMC transaction and expected normal seasonal strength in the third and fourth quarters, we believe that TTM is well positioned for improved margin performance in the second half of 2013," concluded Alder.

For the third quarter of 2013, TTM estimates that revenue will be in the range of $335 million to $355 million, and non-GAAP earnings attributable to stockholders in a range from $0.13 to $0.19 per diluted share.

 

 

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