SANTA ANA, CA – TTM Technologies reported fourth quarter net sales of $719.3 million, up 1.2% year-over-year and 0.3% sequentially.

GAAP net income was $25.3 million for the period ended Dec. 30, down 51.8% compared to the fourth quarter of 2018 and up 59.1% sequentially.

GAAP operating income was $49.4 million for the fourth quarter, an increase of 15.4% year-over-year and 35.7% sequentially.

Cash flow from operations during the fourth quarter was $130.1 million.

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

Net sales for 2019 decreased 5.5% year-over-year to $2.69 billion.

GAAP net income for 2019 was $41.3 million, down 76.2% compared to 2018. GAAP operating income was $120.1 million, down 24.5%.

"In 2019, we finished with strong results in the fourth quarter and made progress on our strategy of diversification, differentiation and discipline. Specifically, we acquired differentiating technology with an important asset purchase from i3 Technologies, which enables us to manufacture products that require finer lines and smaller spacing for our aerospace and defense and commercial end markets, broadening our technology offerings in North America.  In addition, in early January, we announced the sale of our more seasonal and generally more volatile mobility business. Finally, our financial discipline allowed us to generate significant year-over-year growth in cash flow, despite year-over-year declines in revenues and profits.”

This year, due to government restrictions from the coronavirus, a shutdown in China has been extended to Feb. 10. With that, TTM estimates revenue for the first quarter will be in the range of $580 million to $620 million.

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