SANTA ANA, CA – TTM Technologies reported first quarter net sales were $497.6 million, down 7.2% year-over-year and 7.1% sequentially.

The printed circuit board manufacturer posted a GAAP net loss for the first quarter of $3.2 million, compared to net income of $6.2 million in the first quarter of 2019 and net income of $7.3 million in the fourth quarter of 2019.   

GAAP operating income was $16.2 million, down 46.2% year-over-year and 44.9% sequentially.

On Apr. 19, TTM completed the previously announced sale of its Mobility business unit. The operating results and related assets and liabilities are presented as discontinued operations for all periods.

“As we start the second quarter, all of our manufacturing facilities remain operational, and we are particularly proud of our urgent production of printed circuit boards used for critical medical needs. I want to recognize all of our employees for their tremendous efforts in support of our customers during these challenging times,” said CEO Tom Edman. “TTM’s first priority remains the health and safety of our employees, and we have taken proactive measures against the spread of Covid-19 in all of our facilities.  We have implemented enhanced cleaning, social distancing practices, temperature checks, and masks, among other measures.”

“Regarding our financial results for the first quarter, TTM delivered revenue above the midpoint and earnings above the previously guided range, despite a government mandated shutdown of our manufacturing plants in China as a result of Covid-19. The year-over-year growth we experienced in the aerospace and defense, cellular and computing end markets partially offset weakness in our automotive and networking and communications end markets.”  

Covid-19 may cause end demand weakness, supply chain disruptions, as well as inefficiencies with production. Taking this into consideration, TTM estimates revenue for the second quarter in the range of $520 million to $560 million.

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