TTM Technologies (TTMI) Tops Q4 EPS by 5c, Revenues Miss; Offers 1Q EPS/Revenue Guidance Below Consensus

TTM Technologies (NASDAQ: TTMI) reported Q4 EPS of $0.52, $0.05 better than the analyst estimate of $0.47. Revenue for the quarter came in at $711 million versus the consensus estimate of $715.71 million.

• Net sales were $711.0 million
• GAAP net income was $52.5 million, or $0.42 per diluted share
• Non-GAAP net income was $55.0 million, or $0.52 per diluted share
• Cash flow from operations of $151.8 million
• Repaid $70 million of our Term Loan B in Q4 and an additional $30 million on February 1st, 2019

"2018 validated TTM’s strategy of diversification, differentiation and discipline. We saw solid organic growth in the aerospace and defense, medical, industrial and instrumentation and computing end markets," continued Edman. “In addition, we closed the acquisition of Anaren which allows us to engage with customers earlier in the design cycle providing differentiated, value added RF solutions.”

Business Outlook

For the first quarter of 2019 TTM estimates that revenue will be in the range of $610 million to $650 million, and non-GAAP net income will be in the range of $0.14 to $0.20 per diluted share.

“In the first quarter of 2019, we are seeing significant weakness in our cellular end market which is resulting in the under-utilization of our advanced technology factories. Consequently, we are exercising discipline in managing our costs and focusing on continued cash flow generation. Longer term, we are confident in our diversification and differentiation strategy as well as secular growth drivers such as 5G wireless technology, increasing automotive electronic content, and ongoing demand strength in aerospace and defense electronics,” concluded Mr. Edman.

GUIDANCE:

TTM Technologies sees Q1 2019 EPS of $0.14-$0.20, versus the consensus of $0.29. TTM Technologies sees Q1 2019 revenue of $610-650 million, versus the consensus of $670.63 million.

For earnings history and earnings-related data on TTM Technologies (TTMI) click here.

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