SANTA ANA, CA – TTM Technologies reported first quarter net sales were $526.4 million, up 5.8% year-over-year.

GAAP net loss for the quarter ended Mar. 29 was $3.2 million, inclusive of $15.2 million of debt extinguishment related charges, compared to net loss of $3.2 million from continuing operations in the first quarter of 2020.    

GAAP operating income for the first quarter was $19.8 million, growth of 22.2% year-over-year.

Adjusted EBITDA was $61 million, or 11.6% of net sales, compared to adjusted EBITDA of $60.2 million, or 12.1% of net sales, in the prior year period.

Cash flow from operations was $41.1 million.

“In the first quarter, TTM delivered revenue and non-GAAP earnings above the midpoint of the previously guided range, despite significant challenges from Covid-19 and tight supply conditions for certain raw materials,” said CEO Tom Edman. “The solid performance was driven by better than expected sales across all end markets, led by strong year-on-year growth from the automotive and data center computing end markets. Additionally, strict financial discipline drove solid operating cash flow in the quarter. Our improved financial performance enabled us to issue $500 million of new senior notes at a lower interest rate and longer tenor than our previous senior notes, which were redeemed. These achievements reflect the strategic changes made to strengthen TTM, particularly the divestiture of the volatile mobility business, which normally caused weak seasonal results in the first half of the year.”

TTM estimates revenue for the second quarter will be in the range of $525 million to $565 million.

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