COSTA MESA, CA -- TTM Technologies today reported second quarter net sales rose 4.2% from a year ago to $627.2 million.
GAAP net income for the period ended Jul. 1 was $20.6 million up 11.3%.
The printed circuit board maker's results include a $6.5 million foreign exchange loss.
Adjusted EBITDA for the second quarter of 2017 was $85.5 million, or 13.6% of net sales, compared to adjusted EBITDA of $90.2 million, or 15% of net sales, in 2016.
GAAP operating income was $45.1 million, compared to $34.7 million in the second quarter of 2016 and $52.6 million in the first quarter 2017.
“TTM delivered the third consecutive quarter of year on year organic growth at 4% and our operating performance was in line with our expectations” said Tom Edman, CEO of TTM. “On a year over year basis, most end markets grew, with the fastest growth coming from the cellular, computing, automotive and the aerospace and defense end markets. Absent a foreign exchange loss due to the weakening dollar, operating results were toward the high end of guidance.”
For the third quarter of 2017, TTM estimates that revenue will be in the range of $625 million to $675 million. “Our third quarter is being impacted by a slower start in the normal seasonal ramp of cellular products. We expect this ramp to accelerate in the coming quarters” said Edman.
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