SANTA ANA, CA – TTM Technologies reported fiscal fourth quarter net sales were $598.1 million, an increase of 14.2% year-over-year.

For the quarter ended Jan. 3, GAAP net income was $8.4 million, down 78.5% compared to the fiscal fourth quarter of 2020. GAAP operating income was $33.1 million, up 13.4%.

Adjusted EBITDA was $70.4 million, or 11.8% of net sales, compared to adjusted EBITDA of $68.2 million, or 13% percent of net sales, for the fourth quarter of 2020.

Operating cash flow during the quarter was $62.4 million. TTM Technologies repurchased 2.2 million shares of common stock for $29.6 million at an average price of $13.47 per share during the period.

“In the fourth quarter, TTM achieved revenues above the high end of guidance and non-GAAP earnings at the high end of the guided range,” said Tom Edman, CEO, TTM. “This outperformance was driven by strength in all of our commercial end markets, despite labor and production challenges in North America and tight supply conditions globally for certain raw materials.”

Net sales for fiscal year 2021 increased 6.6% year-over-year to $2.25 billion. GAAP net income was $54.4 million, compared to GAAP net loss of $16.4 million from continuing operations for fiscal 2020. GAAP operating income for the year was $126 million, compared to $28.1 million in the prior year.

Adjusted EBITDA for fiscal year 2021 was $275.6 million, or 12.3% of net sales, compared to $272.3 million from continuing operations, or 12.9% of net sales, for fiscal year 2020.

Cash flow from operations for fiscal 2021 was $176.6 million.

"Despite the headwinds from materials and labor inflation and availability, Covid-19 and the strengthening Chinese currency, we delivered solid results in 2021, with revenues growing 10.9% year-on-year, excluding divested businesses. Also in 2021, we generated $176.6 million in operating cash flow, which enabled us to strengthen our balance sheet and return capital to our shareholders. For the year, we repurchased 4.7 million shares for $64.6 million on our $100 million stock buyback program.”

In the first quarter, the company is seeing continued labor challenges, along with normal seasonality associated with Chinese New Year, and one less week in the quarter compared to the fourth quarter. Taking these factors into consideration, TTM estimates revenue for the first quarter will be in the range of $540 million to $580 million.

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