SANTA ANA, CA – TTM Technologies reported third quarter net sales were $716.8 million, down 5.2% year-over-year and up 13.2% sequentially.

GAAP net income for the quarter was $15.9 million, down 41.1% year-over-year and up 367.6% sequentially. GAAP operating income was $36.4 million, down 33.3% compared to the same period in 2018 and up 116.7% sequentially.

Adjusted EBITDA for the third quarter was $103.5 million, or 14.4% of net sales, compared to $122.3 million, or 16.2% of net sales, for the third quarter of 2018.

“For the third quarter, TTM continued to generate solid cash flow and delivered revenue and earnings within the previously guided range,” said Tom Edman, CEO of TTM. “The year-over-year growth we experienced in the aerospace and defense and cellular end markets partially offset weakness in our other commercial end markets.”        

For the fourth quarter, TTM estimates revenue will be in the range of $640 million to $680 million.

“Significant year-on-year declines from the automotive and networking and communications end markets are a major contributor to lower revenues in the fourth quarter. Consequently, we are exercising discipline in managing our costs and focusing on continued cash flow generation. Longer term, we are confident in our diversification and differentiation strategy and will benefit from secular growth drivers such as 5G wireless technology, increasing automotive electronic content, and ongoing demand strength in aerospace and defense electronics.”

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