SANTA ANA, CA – TTM Technologies announced sales of $544.4 million in the first quarter, a decrease of 6.3% compared to the sales of $581.3 million in the first quarter of 2022.

"Revenues were below the guided range due to demand weakness in our commercial end markets and continued supply chain related challenges in North America which resulted in reduced shipments to our Aerospace and Defense customers," said Tom Edman, CEO of TTM. "However, due to favorable mix and cost controls, non-GAAP EPS was within our guided range. In addition, cash flow from operations remained strong at 10.1% of revenues which enabled our board of directors to authorize a new $100 million stock repurchase program."

The company estimates that revenue for the second quarter of 2023 will be in the range of $530 million to $570 million.

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