TTM Technologies (NASDAQ: TTMI) reported Q1 EPS of $0.18, $0.12 better than the analyst estimate of $0.06. Revenue for the quarter came in at $610.8 million versus the consensus estimate of $579.8 million.

First Quarter 2020 Highlights

• GAAP net sales were $497.6 million
• Non-GAAP net sales were $610.8 million
• GAAP net loss of $3.2 million, or ($0.03) per diluted share
• Non-GAAP net income was $19.6 million, or $0.18 per diluted share, inclusive of $1.9 million in foreign exchange gains
• Cash flow from operations of $27.9 million
• Announced restructuring of Electro-Mechanical Solutions (E-MS) Business unit

“As we start the second quarter, all of our manufacturing facilities remain operational and we are particularly proud of our urgent production of printed circuit boards used for critical medical needs. 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. “TTM’s first priority remains the health and safety of our employees and we have taken proactive measures against the spread of COVID-19 in all of our facilities. We have implemented enhanced cleaning, social distancing practices, temperature checks, and masks among other measures.”

“Regarding our financial results for the first quarter, TTM delivered revenue above the midpoint and earnings above the previously guided range despite a government mandated shutdown of our manufacturing plants in China as a result of COVID-19. The year over year growth we experienced in the aerospace and defense, cellular and computing end markets partially offset weakness in our automotive and networking and communications end markets.”

GUIDANCE:

TTM Technologies sees Q2 2020 EPS of $0.11-$0.17, versus the consensus of $0.17. TTM Technologies sees Q2 2020 revenue of $520-560 million, versus the consensus of $604.06 million.

Looking ahead, we believe that COVID-19 may cause end demand weakness, supply chain disruptions, as well as inefficiencies with our own production. Taking this into consideration, TTM estimates that revenue for the second quarter of 2020 will be in the range of $520 million to $560 million, and non-GAAP net income will be in the range of $0.11 to $0.17 per diluted share, which includes the financial impact of the Mobility business unit until it was sold on April 17th.

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