COSTA MESA, CA – TTM Technologies reported fourth quarter net sales of $668.9 million, up 71.1% year-over-year and 2.6% sequentially. 

For the period ended Dec. 28, GAAP net income was $9.5 million, down 31.7% year-over-year. The firm posted a net loss of $2.2 million in prior quarter.

Operating income for the quarter was $36.5 million, an increase of 37.2% year-over-year and 55% sequentially.

Results include the contribution from the Viasystems Group acquisition, completed May 31.

“Our solid fourth quarter execution combined with seasonal growth in the cellular phone end market and robust demand in the automotive and aerospace and defense end markets drove our sequential increases in gross margin, operating profit and strong free cash flow generation,” said Tom Edman, CEO of TTM. “We generated $118 million in free cash flow during the quarter, which we will use to repay $70 millionto $80 million of principal on our term loan late in the first quarter.”

Net sales for fiscal year 2015 increased 61.5% to $2.1 billion compared to fiscal 2014. The net loss was $25.9 million, compared to net income of $14.7 million for fiscal 2014. The results were negatively impacted by approximately $59.4 million of expenses related to the acquisition and integration of Viasystems. Operating income was $61.3 million, up 31.8% year-over-year.

For its first quarter of 2016, TTM estimates revenue in the range of $570 million to $610 million.

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