SANTA ANA, CA -- TTM Technologies today reported results for second quarter net sales of $546.5 million, down from $625.6 million last year.

For the period ended July 3, the printed circuit board maker reported GAAP net income of $6.8 million, compared to $27.8 million in 2022. Operating income fell to $21.4 million from $37.2 million.

Non-GAAP net income was $33 million, versus $55.3 million.

During the period, TTM completed its previously announced shutdown of its Hong Kong manufacturing facility.

Adjusted EBITDA in the second quarter $74.7 million, or 13.7% of sales, compared to $96.9 million, or 15.5% of sales, for 2022.

“Revenues were within the guided range due to strength in our Aerospace and Defense and Data Center Computing end markets,” said Tom Edman, CEO, TTM. “Non-GAAP EPS was well above the guided range as a result of improved execution in our North America region. In addition, we successfully completed the refinancing of our Term Loan B, US ABL, and Asia ABL facilities, resulting in a conservative capital structure with no significant maturities before 2028 and a net leverage ratio of 1.5x.”

For the third quarter, TTM guided for revenues of $550 million to $590 million.

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