TTM Technologies (TTMI) Tops Q2 EPS by 17c, Revenues Beat

TTM Technologies (NASDAQ: TTMI) reported Q2 EPS of $0.31, $0.17 better than the analyst estimate of $0.14. Revenue for the quarter came in at $601.1 million versus the consensus estimate of $536.92 million.

Second Quarter 2020 Highlights

• GAAP net sales were $570.3 million
• Non-GAAP net sales were $601.1 million
• GAAP net income of $192.8 million, or $1.79 per diluted share, inclusive of a net gain on the sale of the Mobility business unit of $183.1 million or $1.70 per diluted share
• Non-GAAP net income was $33.3 million, or $0.31 per diluted share, inclusive of $0.01 of foreign exchange loss
• Cash flow from operations of $119.0 million
• Today repaid $400 million of Term Loan B from cash received from Mobility Business Unit divestiture

“In the second quarter, TTM demonstrated excellent operational execution and overcame COVID-19 related challenges to deliver revenue and earnings above the previously guided range. All of our manufacturing facilities continue to remain operational and I want to recognize all of our employees for their tremendous efforts in support of our customers during these challenging times,” said Tom Edman, CEO of TTM. “The diversified mix of end markets that we serve enabled TTM to grow revenues and outperform earnings expectations despite weakness in the automotive and commercial aerospace end markets. Finally, TTM has shown financial discipline, bringing our net debt to EBITDA ratio to 2.1, following the receipt of proceeds from the sale of the Mobility Business Unit and subsequent repayment of our Term loan.”

GUIDANCE:

TTM Technologies sees Q3 2020 EPS of $0.16-$0.22, versus the consensus of $0.15. TTM Technologies sees Q3 2020 revenue of $470-510 million, versus the consensus of $517.56 million.

Business Outlook Looking ahead, we believe that we will continue to experience COVID-19 related impacts on our end markets as well as inefficiencies with our own production. Taking this into consideration, TTM estimates that revenue for the third quarter of 2020 will be in the range of $470 million to $510 million, and non-GAAP net income will be in the range of $0.16 to $0.22 per diluted share. This guidance no longer includes the Mobility Business Unit but continues to include the E-MS business unit while that business winds down.

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

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