SANTA ANA, CA -- TTM Technologies reported first quarter net sales were $570.1 million, compared to $544.4 million in 2023.

GAAP operating income for the quarter was $17.1 million, up from a GAAP operating loss of $3.5 million.

GAAP net income also swung to a profit, rising to $10.5 million from a net loss of $5.8 million last year.

On a non-GAAP basis, net income for the first quarter of 2024 was $32.8 million, or $0.31 per diluted share. This compares to non-GAAP net income of $18.6 million, or $0.18 per diluted share, for the first quarter of 2023.

Adjusted EBITDA in the first quarter was $74.8 million, or 13.1% of sales, compared to adjusted EBITDA of $58.5 million, or 10.7% of sales for the first quarter 2023.

“Revenues were at the high end of the guided range and returned to year on year growth due to demand strength in our Aerospace and Defense and Data Center Computing end markets,” said Tom Edman, CEO, TTM. “In addition, cash flow from operations was a healthy 7.7% of revenue enabling us to repurchase stock while maintaining a solid balance sheet with a net leverage ratio of 1.5x.”

TTM estimates second quarter revenues in the range of $560 million to $600 million.

• Prev
• Next