SANTA ANA, CA -- TTM Technologies reported first quarter net sales of $581.3 million, up 10.4% from a year ago.

For the period ended Apr. 4, GAAP net income was $17.2 million, reversing a loss of $3.2 million in 2021. Non-GAAP net income was $25.3 million.

Operating cash flow was $36 million.

GAAP operating income was $25.9 million, versus $19.8 million in the first quarter 2021.

Adjusted EBITDA was $62 million, compared to $61 million in 2021.

“In the first quarter, TTM achieved revenues at the high end of guidance and non-GAAP earnings above the mid-point of the guided range. This outperformance was driven by strength in our commercial end markets, despite labor and production challenges in North America and inflationary pressures globally,” said Tom Edman, CEO, TTM. “We also took significant steps to advance our strategy of differentiation with the agreement to acquire Telephonics Corporation which provides engineered system level solutions for the Aerospace and Defense end market and enables TTM to move further up the value chain. In addition, we announced the building of a new manufacturing facility in Malaysia which enables TTM to offer our customers a regional alternative for high volume, high layer count PCBs to meet their supply chain resiliency requirements,” continued Mr. Edman.

TTM estimates second quarter revenue in the range of $580 million to $620 million, not including contributions of its previously announced acquisition of Telephonics, which is pending regulatory approvals.

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