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TTM Releases Q3 Results

Published: 30 October 2008
 by Staff
SANTA ANA, CA– TTM Technologies, Inc. has released its third-quarter results. Net income reached $9.5 million, or $0.22 per diluted share. The company experienced net sales of $169 million, a 2.3% drop from the second-quarter result of $173 million. The gross margin for the third quarter was 19%, a 2.1% decline from the second-quarter.
 
TTM posted a $15.5 million operating income, similar to the second-quarter figure of $19.1 million. The company also reported an unrealized loss of $579,000 on its $20.1 million holdings in the Reserve Primary Fund. Earnings before interest, taxes, depreciation and amortization (EBITDA) were $22.2 million, 13.1% of net sales. This is a $2.3 million decline over second-quarter results.
 
The company further broke the figures down for its two operating segments: PCB Manufacturing and Backplane Assembly. PCB Manufacturing experienced third-quarter net sales of $148 million and operating segment income (before amortization of intangibles) of $14.3 million. Both figures mark declines over second-quarter results.
 
Third-quarter figures for Backplane Assembly declined as well. Net sales were $29.3 million, and operating segment income was $2.1 million. Despite the weaker numbers, TTM is “pleased with the results.” It continued to deliver solid financial performance, especially in the Aerospace/Defense market, despite the unstable global economy.
 
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