TTM Technologies (NASDAQ: TTMI) reported Q3 EPS of $0.25, $0.06 better than the analyst estimate of $0.19. Revenue for the quarter came in at $513.6 million versus the consensus estimate of $491.58 million.

Third Quarter 2020 Highlights

• Net sales were $513.6 million
• GAAP net loss of $41.5 million, or ($0.39) per diluted share, inclusive of a goodwill impairment charge of $69.2 million
• Non-GAAP net income was $26.8 million, or $0.25 per diluted share
• Cash flow from operations of $84.8 million
• Received all remaining proceeds from Mobility sale and repaid $400 million of Term Loan B
• Leverage ratio at September 28th was 1.6x defined as net debt/last twelve months EBITDA excluding Mobility

“In the third quarter, TTM demonstrated excellent operational execution to deliver revenue and earnings above the previously guided range. The diversified mix of end markets that we serve enabled the PCB segment to grow revenues and outperform profit expectations due to solid growth in the data center and defense end markets despite weakness in the commercial aerospace end market,” said Tom Edman, CEO of TTM. “Additionally, strict financial discipline led to strong operating cash flow in the quarter driving our net debt leverage ratio down to 1.6x.”

GUIDANCE:

TTM Technologies sees Q4 2020 EPS of $0.22-$0.28, versus the consensus of $0.24. TTM Technologies sees Q4 2020 revenue of $490-530 million, versus the consensus of $511.07 million.

• TTM estimates that revenue for the fourth quarter of 2020 will be in the range of $490 million to $530 million, and non-GAAP net income will be in the range of $0.22 to $0.28 per diluted share. This guidance 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.