TTM Technologies (NASDAQ: TTMI) reported Q1 EPS of $0.23, in-line with the analyst estimate of $0.23. Revenue for the quarter came in at $526.4 million versus the consensus estimate of $511.08 million.

First Quarter 2021 Highlights

• Net sales were $526.4 million
• GAAP net loss of $3.2 million, or ($0.03) per diluted share
• Non-GAAP net income was $25.3 million, or $0.23 per diluted share
• Cash flow from operations was $41.1 million
• Successful completion of $500 million Senior Notes offering at 4.0% due 2029, redemption of previously issued $375 million Senior Notes at 5.625% due 2025, and repayment of $40 million US ABL

“In the first quarter, TTM delivered revenue and non-GAAP earnings above the midpoint of the previously guided range despite significant challenges from COVID-19 and tight supply conditions for certain raw materials. The solid performance was driven by better than expected sales across all end markets led by strong year on year growth from the automotive and data center computing end markets,” said Tom Edman, CEO of TTM. “Additionally, strict financial discipline drove solid operating cash flow in the quarter. Our improved financial performance enabled us to issue $500 million of new Senior Notes at a lower interest rate and longer tenor than our previous Senior Notes which were redeemed. These achievements reflect the strategic changes made to strengthen TTM, particularly the divestiture of the volatile mobility business which normally caused weak seasonal results in the first half of the year.”

GUIDANCE:

TTM Technologies sees Q2 2021 EPS of $0.27-$0.33, versus the consensus of $0.30. TTM Technologies sees Q2 2021 revenue of $525-565 million, versus the consensus of $541 million.

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