SANTA ANA, CA -- Third quarter revenues from continuing operations at TTM Technologies fell 3.9% to $513.6 million as the fabricator took a hit from lower demand for commercial aerospace programs.

The printed circuit board fabricator said the GAAP operating loss from continuing operations for period ended Sept. 28 was $40.3 million, including goodwill impairment charges of $69.2 million, down from $21.1 million in 2019. The charges are related to the closing of two electromechanical assembly plants in China.

The GAAP net loss was $41.5 million, compared to net income of $15.9 million a year ago. Non-GAAP net income was $26.8 million.

The GAAP results include TTM's Mobility business unit operating results, which the company sold in April and includes as discontinued operations. Non-GAAP results do not include Mobility results but still include the two E-MS plants being shut down.

Adjusted EBITDA for the quarter was $67.2 million, or 13.1% of net sales, compared to adjusted EBITDA of $66.7 million, or 12.5% of net sales, for the third quarter 2019.

Cash flow from operations was $84.8 million.

“In the third quarter, TTM demonstrated excellent operational execution to deliver revenue and earnings above the previously guided range," said Tom Edman, CEO, TTM. "The diversified mix of end markets that we serve enabled the PCB segment to grow revenues and outperform profit expectations due to solid growth in the data center and defense end markets despite weakness in the commercial aerospace end-market.”

TTM guided for fourth quarter revenue of $490 million to $530 million, including the E-MS business unit while that business winds down.

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