TTM Technologies (NASDAQ: TTMI) reported Q1 EPS of $0.16, $0.02 worse than the analyst estimate of $0.18. Revenue for the quarter came in at $620.2 million versus the consensus estimate of $631.59 million.

First Quarter 2019 Highlights

• Net sales were $620.2 million
• GAAP net income was a loss of $3.3 million, or ($0.03) per share
• Non-GAAP net income was $16.4 million, or $0.16 per diluted share, inclusive of $0.03 of foreign exchange losses
• Cash flow from operations of $36.9 million
• Repaid $30 million of our Term Loan B

“For the first quarter, TTM generated good cash flow and delivered earnings within the previously guided range, despite weakness in some of our commercial end markets,” said Tom Edman, CEO of TTM. “We were pleased to see solid year over year growth from the aerospace and defense end market that partially offset weakness in our cellular and automotive end markets. We expect softness in the commercial markets to continue in Q2 and plan to address this challenge with the same discipline we have demonstrated in the past. At the same time, we will continue to be focused on cash flow generation and our strategic goals of diversification and differentiation.”

GUIDANCE:

TTM Technologies sees Q2 2019 EPS of $0.15-$0.21, versus the consensus of $0.28. TTM Technologies sees Q2 2019 revenue of $610-650 million, versus the consensus of $684.74 million.

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