COSTA MESA, CA – PCB manufacturer TTM Technologies reported first quarter 2016 net sales ended Mar. 28 of $583.3 million, up 77.2% year-over-year and down 12.8% sequentially.

Results include Viasystems Group’s contribution, following the acquisition completed May 31.

GAAP net loss for the first quarter was $7.3 million, compared to GAAP net income of $3.4 million in the first quarter of 2015 and $9.5 million in the prior quarter.

GAAP operating income was $18.9 million, up 28% year-over-year and down 48.2% sequentially.

Adjusted EBITDA for the first quarter was $74.5 million, or 12.8% of net sales, compared to $42.5 million, or 12.9% of net sales, in the first quarter of 2015, and $95.8 million, or 14.3% of net sales, in the fourth quarter of 2015.

“Our first quarter results marked a solid start to the year and demonstrated the benefits of our diversification initiative,” said Tom Edman, CEO of TTM. “Strong operational execution across all of our business units drove non-GAAP earnings above the high end of our guidance. Relative strength in the aerospace and defense, automotive and computing end markets helped offset a softer demand environment in the cellular phone end market.

“We continue to deliver on our integration milestones and have now implemented or announced actions that represent more than 90% of our $55 million annualized synergy target.  The new market focused business unit structure put in place at the beginning of the year has already begun to yield operational benefits.  We believe a larger and more diverse TTM with focus on key end markets such as Aerospace & Defense and Automotive is an important differentiator in the PCB market.”

For the second quarter, TTM estimates revenue in the range of $580 million to $620 million.

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