SANTA ANA, CA – TTM Technologies reported second quarter net sales of $633 million, down 11.7% year-over-year and up 2% sequentially.

For the quarter ended July 1, GAAP net income was $3.4 million, a decrease of 96% compared to the second quarter of 2018, and compared to a loss of $3.3 million in the first quarter of 2019.

GAAP operating income was $16.8 million, down 47% year-over-year and 4% sequentially.

Adjusted EBITDA for the second quarter was $82.9 million, or 13.1% of net sales, compared to adjusted EBITDA of $115.9 million, or 16.2% of net sales, for the second quarter of 2018 and $78.5 million, or 12.7% of net sales, for the first quarter of this year.

“For the second quarter, TTM continued to generate strong cashflow and delivered earnings at the high end of the previously guided range,” said CEO Tom Edman. “The year-over-year growth we are experiencing in the aerospace and defense end market partially offset weakness in our commercial end markets. We see the second quarter as the low point of the year, and we expect continued strength in the aerospace and defense market, combined with a strong rebound in the cellular end market in the third quarter, will drive overall revenue growth and improved profitability. At the same time, we will continue to be focused on cashflow generation and our strategic goals of diversification, differentiation and discipline.”              

For the third quarter, TTM estimates revenue in the range of $690 million to $730 million.

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