COSTA MESA, CA – TTM Technologies reported first quarter net sales of $329.2 million, up 12.8% year-over-year and down 15.8% sequentially.
GAAP net income for the period ended ended Mar. 30 was $3.4 million, compared to a net loss of $3.8 million in the first quarter of 2014. Sequentially, net income was down 76%. GAAP operating income for the first quarter was $8.3 million, up 84.4% year-over-year, and down 69% sequentially.
The firm said it expects to close on its acquisition of Viasystems in the current quarter.
"We are pleased to report strong operating results in the first quarter, with revenue at the high end and non-GAAP earnings above our initial guidance ranges," said Tom Edman, CEO. "We are encouraged by the year-over-year improvement in revenue driven by strong cellular phone demand, as well as the ongoing bookings strength in the aerospace and defense market. While our acquisition of Viasystems is still subject to US regulatory approvals, we expect to complete the acquisition during the second quarter of 2015."
For the second quarter TTM estimates revenue between $330 million and $350 million.