SANTA ANA, CA – TTM Technologies reported second quarter net sales from continuing operations were $570.3 million, up 8.2% year-over-year and 14.6% sequentially.

GAAP net income for the quarter ended June 29 was $192.8 million, including an estimated net gain of $183.1 million from the sale of the Mobility business, compared to net income of $3.4 million in the second quarter of 2019, and a net loss of $1.2 million in the first quarter of 2020.   

GAAP operating income from continuing operations was $23 million, down 20.7% year-over-year and 42% sequentially.

Adjusted EBITDA was $80.3 million, or 13.4% of net sales, compared to adjusted EBITDA of $82.9 million, or 13.1% of net sales, for the second quarter of 2019 and $82.1 million, or 13.4% of net sales, for the first quarter of 2020.

Cash flow from operations for the quarter was $119 million.

“In the second quarter, TTM demonstrated excellent operational execution and overcame Covid-19-related challenges to deliver revenue and earnings above the previously guided range,” said CEO Tom Edman. “All of our manufacturing facilities continue to remain operational, and I want to recognize all of our employees for their tremendous efforts in support of our customers during these challenging times. The diversified mix of end markets that we serve enabled TTM to grow revenues and outperform earnings expectations, despite weakness in the automotive and commercial aerospace end markets.  Finally, TTM has shown financial discipline, bringing our net debt to EBITDA ratio to 2.1, following the receipt of proceeds from the sale of the Mobility business unit and subsequent repayment of our term loan.”

TTM believes it will continue to experience Covid-19-related impacts on end markets, as well as inefficiencies with production. Taking this into consideration, TTM estimates revenue for the third quarter in the range of $470 million to $510 million.

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