SANTA ANA, CA — TTM Technologies has announced that sales for the third quarter totaled $671.1 million, a 20% increase from the $556.8 million in sales in the third quarter of 2021.

The reported revenue includes a full quarter’s contribution from the company's acquisition of Telephonics, which closed at the end of the second quarter.

“In the third quarter, TTM delivered solid growth in revenues in-line with the guided range and up significantly year on year as we saw growth across all of our end markets. Our non-GAAP earnings were also up significantly and were well above the high end of the guided range. On a year on year basis, we also saw meaningful improvement in operating margins. Of particular note, we saw strong cash flow in the last quarter and for the last year as we generated $162.1 million in free cash flow over the last twelve months, and reduced our net leverage to 1.8x, below our 2x target,” said Tom Edman, CEO of TTM. “We also saw record bookings of $319.4 million in the Aerospace and Defense end market excluding Telephonics, and $387.8 million including Telephonics. Post acquisition, approximately 40% of our revenues are now from the Aerospace and Defense end market, which positions the company well for any softening that may occur in our commercial markets."

TTM estimates that revenue for the fourth quarter will be in the range of $630 million to $670 million.

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