SANTA ANA, CA -- TTM Technologies today reported net sales were $569 million for the fourth quarter ended Jan. 1, down 19% from a year ago.

The printed circuit board maker said GAAP net income of $17.3 million, up from $6 million in the fourth quarter of 2022.

GAAP operating income for the fourth quarter of 2023 was $34.6 million. GAAP operating income for the fourth quarter of 2022 was $97.6 million and included a gain of $51.8 million in December 2022 from the sale of the property occupied by its former Shanghai E-MS entity.

Non-GAAP net income was $43 million, basically flat with 2022. Cash flow from operations was $47.5 million

Adjusted EBITDA in the fourth quarter of 2023 was $80.9 million, or 14.2% of sales compared to adjusted EBITDA of $81.6 million, or 13.2% of sales for the fourth quarter of 2022.

“TTM executed a strong finish to the year registering a non-GAAP EPS that was above the high end of the guided range due to excellent operating performance and favorable product mix," said Tom Edman, CEO, TTM. “. Revenues were within the guided range as upside in our Aerospace and Defense and Data Center Computing end-markets was offset by demand softness in our automotive and medical, industrial and instrumentation end-markets. In addition, cash flow from operations was a healthy 8.3% of revenue enabling us to repurchase stock while maintaining a solid balance sheet with a net leverage ratio of 1.6X."

TTM said its new Penang facility has all major processes running and shipping sample product to customers.

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