COSTA MESA, CA – TTM Technologies reported fiscal fourth quarter net sales of $739.3 million, an increase of 4.6% year-over-year and 10.5% sequentially.
GAAP net income for the quarter ended Jan. 1 was $49.2 million, compared to a GAAP net loss of $2 million in the fourth quarter of 2016. GAAP net income increased 129% sequentially.
GAAP operating income for the period was $71 million, up 2% year-over-year and 61% sequentially.
“TTM delivered the fifth consecutive quarter of year-on-year organic growth, with revenues and operating performance that significantly exceeded expectations,” said CEO Tom Edman. “On a year-over-year basis, the fastest growth in the fourth quarter came from the cellular and the aerospace and defense end markets. This drove cash flow from operations to a record high of $152.7 million in the quarter.”
Net sales for fiscal year 2017 increased 4.9% to $2.7 billion. GAAP net income was $124.2 million, up 256% compared to fiscal 2016. GAAP operating income was $212.8 million, an increase of 22.7%.
For the first quarter of 2018, TTM estimates revenue will be in the range of $610 million to $660 million.