SANTA ANA, CA – TTM Technologies reported second quarter net sales from continuing operations were $567.4 million, down 0.5% year-over-year.

GAAP net income was $28.3 million, an increase of 204.3% compared to the second quarter of 2020. GAAP operating income was $40.9 million, up 77.8% year-over-year.

Adjusted EBITDA in the second quarter was $75.6 million, or 13.3% of net sales, compared to adjusted EBITDA of $76.8 million, or 13.5% of net sales, from continuing operations, in the second quarter of 2020.

Cash flow during the three months ended June 28 was $56.9 million, or 10% of revenues.

“In the second quarter, TTM delivered revenue and non-GAAP earnings above the high end 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 in our commercial end markets led by strong year-on-year growth from the automotive and data center computing end markets. Additionally, strict financial discipline drove strong and consistent operating cash flow in the quarter. These achievements reflect the strategic changes made to strengthen TTM, particularly the divestiture of the volatile mobility business, which historically caused weak seasonal results in the first half of the year.”

The stronger than expected revenues in the first quarter pulled forward some demand from the third quarter, and the tight raw material supply conditions will have a greater impact in the third quarter. As a result, TTM estimates revenue for the third quarter will be in the range of $530 million to $570 million.

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