分组1 - TTM Technologies reported quarterly earnings of $0.7 per share, exceeding the Zacks Consensus Estimate of $0.68 per share, and showing an increase from $0.6 per share a year ago, resulting in an earnings surprise of +2.44% [1] - The company achieved revenues of $774.32 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 2.94% and increasing from $650.97 million year-over-year [2] - TTM has consistently outperformed consensus EPS and revenue estimates over the last four quarters, indicating strong operational performance [2] 分组2 - TTM shares have increased approximately 55.9% since the beginning of the year, significantly outperforming the S&P 500's gain of 1.1% [3] - The company's earnings outlook is crucial for future stock performance, with current consensus EPS estimates of $0.60 for the upcoming quarter and $3.09 for the current fiscal year [4][7] - The Zacks Industry Rank places Electronics - Miscellaneous Components in the top 18% of over 250 Zacks industries, suggesting a favorable environment for TTM's stock performance [8]

Financial Data and Key Metrics Changes - The company achieved sales of $774.3 million in Q4 2025, a 19% year-on-year increase, exceeding the high end of the guided range [9][15] - Non-GAAP EPS reached $0.70 per diluted share, marking an all-time quarterly record high for the company [9][22] - Adjusted EBITDA margin was 16.3% in Q4 2025, up from 14.7% in the prior year, reflecting improved execution [9][22] - Cash flow from operations was $63 million, or 8.1% of sales, bringing total cash flow for fiscal 2025 to $292 million, or 10% of sales [9][15] Business Line Data and Key Metrics Changes - Aerospace and defense represented 41% of Q4 2025 sales, with a 5% year-on-year growth for the quarter and 13% for the full year [10][11] - Data center computing accounted for 20% of Q4 2025 sales, experiencing a 57% year-on-year growth [11][12] - The networking end market represented 8% of Q4 2025 sales, with a 23% year-on-year growth [11][12] - Medical, industrial, and instrumentation accounted for 14% of Q4 2025 sales, with a 28% year-on-year growth [12][13] Market Data and Key Metrics Changes - The overall book-to-bill ratio was 1.35 for Q4 2025, with the aerospace and defense segment at 1.46 [14] - The company expects sales from the aerospace and defense market to represent 42% of total sales in Q1 2026 [10][11] - The combined sales for data center and networking would have represented 36% of total sales in Q4 2025, expected to be 37% in Q1 2026 [11][12] Company Strategy and Development Direction - The company focuses on Advanced Interconnect technologies and aims to move up the value chain into complex modules and subsystems [4][5] - The strategy includes capital investment to support growth in artificial intelligence and defense markets, which account for approximately 80% of net sales [6][7] - The company aims to grow revenues by 15%-20% per year for the next three years and to double earnings from 2025 to 2027 [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet growth targets, citing strong demand in key markets [6][7] - The company is well-positioned to support growth across end markets and is investing in capacity expansion [7][8] - Management highlighted the importance of technological innovation and customer alignment in product development [5][6] Other Important Information - The company plans to participate in upcoming industry conferences, including the Citi Industrial Tech and Mobility Conference and the JPMorgan Leveraged Finance Conference [25] Q&A Session Summary Question: Capacity addition in China and Syracuse - Management confirmed good progress in extending capacity in both China and the U.S., with no issues anticipated in supply chain or equipment [28] - Syracuse facility is on track, with first revenues expected in the second half of the year [29] Question: Gross margin improvement and Penang headwinds - Management noted a headwind of about 180 basis points from Penang, with improvements expected throughout the year [31][32] Question: Eau Claire facility plans - Eau Claire is the largest PCB site in the U.S., with plans to tool up the facility over the next 18-24 months [36] Question: Book-to-bill ratio and order visibility - Management indicated that visibility for commercial business remains at six to nine months, while defense backlog is significant and spans multiple years [41] Question: CapEx and growth targets - The company plans additional capital expenditures of $200 million-$300 million for data center capacity in China over the next two to three years [46] Question: Impact of copper prices - Management does not expect significant impacts from copper price volatility, as pricing adjustments can be passed through to customers [58]

Financial Data and Key Metrics Changes - The company achieved sales of $774.3 million in Q4 2025, a 19% year-over-year increase from $651 million in Q4 2024, driven by strong demand in various end markets [9][15] - Non-GAAP EPS reached $0.70 per diluted share, marking an all-time quarterly record high for the company [9][22] - Adjusted EBITDA margin improved to 16.3% in Q4 2025 from 14.7% in the prior year, reflecting better operational execution [9][22] - Cash flow from operations was $63 million, or 8.1% of sales, bringing total cash flow for fiscal 2025 to $292 million, or 10% of sales [9][15] Business Line Data and Key Metrics Changes - The aerospace and defense end market represented 41% of Q4 2025 sales, growing 5% year-over-year [10] - Data center computing sales grew 57% year-over-year in Q4 2025, representing 20% of total sales [11] - The medical, industrial, and instrumentation end market saw a 28% year-over-year growth in Q4 2025, accounting for 14% of total sales [12] - Automotive sales represented 9% of Q4 2025 sales, with a focus on higher-value products expected to decrease to 8% in Q1 2026 [13][14] Market Data and Key Metrics Changes - The overall book-to-bill ratio was 1.35 for Q4 2025, with the aerospace and defense segment at 1.46 [14] - The company expects sales from the aerospace and defense market to represent 42% of total sales in Q1 2026 [10] - The combined sales for data center and networking markets would have represented 36% of total sales in Q4 2025, expected to rise to 37% in Q1 2026 [11][12] Company Strategy and Development Direction - The company focuses on Advanced Interconnect technologies and aims to move up the value chain into complex modules and subsystems [4][5] - The strategy includes investing in capacity expansion to support growth in AI and defense markets, with a revenue growth target of 15%-20% per year for the next three years [6][7] - The company is positioned to leverage its global footprint across 24 sites to meet increasing demand for complex technology solutions [6][7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential driven by megatrends in AI and defense, with 80% of net sales related to these areas [6][7] - The company anticipates continued strong demand in data center computing and networking markets, particularly for AI applications [11][12] - Management highlighted the importance of technological innovation and capacity expansion to seize growth opportunities [6][7] Other Important Information - The company plans to participate in upcoming industry conferences, including the Citi Industrial Tech and Mobility Conference and the JPMorgan Leveraged Finance Conference [25] Q&A Session Summary Question: Capacity addition in China and Syracuse - Management confirmed good progress in extending capacity in both China and the U.S., with no issues in supply chain or equipment [28] - Syracuse facility is on track, with first revenues expected in the second half of the year [29] Question: Gross margin improvement and Penang headwinds - Management noted a headwind of about 180 basis points from Penang, with improvements expected throughout the year [31][32] Question: Eau Claire facility plans - Eau Claire is the largest PCB site in the U.S., with plans to tool up the facility over the next 18-24 months [36] Question: Book-to-bill ratio and order visibility - Management indicated that visibility for ongoing commercial business is about 6-9 months, with a significant backlog in defense [41] Question: CapEx and growth targets - The company plans additional capital expenditures of $200 million-$300 million for data center capacity in China over the next two to three years [46] Question: Impact of copper prices - Management does not expect significant impacts from copper price volatility, as they can pass costs through to customers [58]

Financial Data and Key Metrics Changes - TTM Technologies achieved sales of $774.3 million in Q4 2025, a 19% year-over-year increase from $651 million in Q4 2024, driven by strong demand in various end markets [14][8] - Non-GAAP EPS reached $0.70 per diluted share, marking an all-time quarterly record high for the company [20][8] - Adjusted EBITDA margin improved to 16.3% in Q4 2025 from 14.7% in the prior year, reflecting better operational execution [20][8] - For the full year 2025, net sales were $2.9 billion, up from $2.4 billion in 2024, also a 19% increase [14][15] Business Line Data and Key Metrics Changes - The aerospace and defense end market represented 41% of Q4 2025 sales, growing 5% year-over-year for the quarter and 13% for the full year [9][10] - Data center computing sales grew 57% year-over-year in Q4 2025, representing 20% of total sales, while networking sales increased 23% year-over-year, accounting for 8% of total sales [10][11] - The medical, industrial, and instrumentation end market saw a 28% year-over-year growth in Q4 2025, representing 14% of total sales [11][12] - Automotive sales represented 9% of Q4 2025 sales, with a focus on higher-value products expected to decrease to 8% in Q1 2026 [12][11] Market Data and Key Metrics Changes - The overall book-to-bill ratio was 1.35 for Q4 2025, with the aerospace and defense segment at 1.46, indicating strong demand and order visibility [12][10] - The 90-day backlog increased to $654.9 million at the end of 2025, up from $502.1 million a year ago [12][10] Company Strategy and Development Direction - The company is focused on Advanced Interconnect technologies and aims to move up the value chain into complex modules and subsystems [4][5] - TTM anticipates healthy growth driven by participation in key megatrends such as Artificial Intelligence and defense, with 80% of net sales related to these areas [5][6] - The company plans to grow revenues by 15%-20% annually over the next three years and aims to double earnings from 2025 to 2027 [6][5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet growth targets, citing strong demand in data center computing and networking due to AI applications [6][5] - The company is well-positioned to support growth across end markets and is investing in capacity expansion [6][5] - Management noted that the operating environment remains favorable, with ongoing demand in aerospace and defense and increased automation in medical and industrial markets [7][5] Other Important Information - The company expects Q1 2026 net sales to be in the range of $770 million to $810 million, with non-GAAP earnings projected between $0.64 and $0.70 per diluted share [21][22] - Capital expenditures for 2026 are expected to be in the range of $240 million to $260 million, with additional investments planned for data center capacity in China [44][45] Q&A Session Summary Question: Capacity addition in China and Syracuse - Management confirmed good progress in extending capacity in both China and the U.S., with no issues anticipated in supply chain or equipment [25][26] Question: Gross margin headwinds from Penang - Management indicated a headwind of about 180 basis points from Penang in Q4, with expectations for improvement throughout the year [28][29] Question: Update on Eau Claire facility - Management stated that Eau Claire is the largest PCB site in the U.S. and will take 18-24 months to generate revenue as it is equipped [34][35] Question: Impact of volatile copper prices - Management does not expect significant impacts from copper price volatility, as pricing adjustments can be passed through to customers [56][56]

Q4 2025 Quarterly Earnings Results February 4, 2026 Forward-Looking Statements This communication may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to the future business outlook, events, and expected performance of TTM Technologies, Inc. ("TTM", "we" or the "Company"). The words "anticipate," "believe," "plan," "forecast," "foresee," "estimate," "project," "expect," "seek," "target," "intend," "goal" and other s ...

Core Insights - TTM Technologies, Inc. reported strong financial results for the fourth quarter and fiscal year 2025, with significant growth in net sales and profitability driven by demand in key markets such as Data Center Computing and Aerospace and Defense [3][4][6]. Financial Performance - Fourth quarter 2025 net sales reached $774.3 million, a 19% increase from $651.0 million in the same quarter of 2024 [3][10]. - GAAP operating income for the fourth quarter of 2025 was $80.7 million, compared to $9.0 million in the fourth quarter of 2024, which included a $32.6 million goodwill impairment charge [3][4]. - GAAP net income for the fourth quarter of 2025 was $50.7 million, or $0.48 per diluted share, up from $5.2 million, or $0.05 per diluted share in the fourth quarter of 2024 [4][10]. - Adjusted EBITDA for the fourth quarter of 2025 was $126.2 million, representing 16.3% of net sales, compared to $95.7 million, or 14.7% of net sales, in the fourth quarter of 2024 [5][10]. Annual Results - For the full year 2025, net sales increased to $2.9 billion from $2.4 billion in 2024, marking a 19% growth [7][8]. - GAAP operating income for 2025 was $264.7 million, compared to $116.0 million in 2024 [7]. - GAAP net income for 2025 was $177.4 million, or $1.68 per diluted share, up from $56.3 million, or $0.54 per diluted share in 2024 [8]. - Non-GAAP net income for 2025 was $259.0 million, or $2.46 per diluted share, compared to $177.5 million, or $1.70 per diluted share in 2024 [8]. Market Segments - The Data Center Computing and Networking markets accounted for 36% of total company revenues, driven by demand for generative AI [10][11]. - The Aerospace and Defense segment experienced higher than market growth, contributing significantly to overall revenue [6][11]. - The Medical, Industrial, and Instrumentation markets also showed healthy double-digit revenue growth [6][11]. Business Outlook - For the first quarter of 2026, TTM estimates net sales to be in the range of $770 million to $810 million, with non-GAAP net income projected between $0.64 and $0.70 per diluted share [12]. - For fiscal year 2026, TTM anticipates net sales growth in the range of 15% to 20% [12].

Financial Performance - Net sales for Q4 2025 were $774.3 million, a 19% increase from $651.0 million in Q4 2024[4] - GAAP net income for Q4 2025 was $50.7 million, or $0.48 per diluted share, compared to $5.2 million, or $0.05 per diluted share in Q4 2024[5] - Adjusted EBITDA for Q4 2025 was $126.2 million, representing 16.3% of net sales, up from $95.7 million, or 14.7% of net sales in Q4 2024[6] - Full year 2025 net sales increased to $2.9 billion, a 19% rise from $2.4 billion in 2024[8] - Non-GAAP net income for Q4 2025 reached $74.8 million, or $0.70 per diluted share, an all-time quarterly record high[9] - Total net sales reached $774.3 million in Q4 2025, up from $651.0 million in Q4 2024, and full-year net sales increased to $2.91 billion from $2.44 billion[27] - GAAP net income for Q4 2025 was $50.7 million, significantly higher than $5.2 million in Q4 2024, with full-year GAAP net income increasing to $177.4 million from $56.3 million[30] Margins and Profitability - Gross margin improved to 21.4% in Q4 2025 from 19.4% in Q4 2024, and full-year gross margin increased to 20.7% from 19.5%[27] - Operating margin significantly increased to 10.4% in Q4 2025 compared to 1.4% in Q4 2024, with full-year operating margin rising to 9.1% from 4.8%[27] - Non-GAAP gross profit for Q4 2025 was $167.8 million, up from $133.2 million in Q4 2024, with a non-GAAP gross margin of 21.7% compared to 20.5%[28] - Non-GAAP operating income for Q4 2025 was $98.2 million, up from $65.8 million in Q4 2024, with a non-GAAP operating margin of 12.7% compared to 10.1%[28] - Adjusted EBITDA for Q4 2025 was $126.2 million, an increase from $95.7 million in Q4 2024, with an adjusted EBITDA margin of 16.3% compared to 14.7%[30] Cash Flow and Restructuring - The company reported a cash flow from operations of $62.9 million, or 8.1% of net sales for Q4 2025[9] - Free cash flow for Q4 2025 was $11.7 million, down from $33.3 million in Q4 2024, while full-year free cash flow decreased to $17.9 million from $84.0 million[30] - The company reported a restructuring charge of $216, down from $4.8 million in Q4 2024, indicating improved operational efficiency[27] Market and Future Outlook - The total book-to-bill ratio for Q4 2025 was 1.35, indicating strong order growth[9] - For Q1 2026, TTM estimates net sales will be between $770 million and $810 million, with non-GAAP net income projected at $0.64 to $0.70 per diluted share[14] - The Data Center Computing and Networking end markets accounted for 36% of total company revenues, driven by demand for generative AI[9] - TTM's total assets as of December 29, 2025, were $3.84 billion, an increase from $3.47 billion in 2024[26] Segment Performance - Aerospace & Defense segment net sales grew to $318.0 million in Q4 2025 from $306.2 million in Q4 2024, with full-year sales rising to $1.29 billion from $1.14 billion[27]

Core Viewpoint - TTM Technologies, Inc. announces the retirement of Thomas Edman and John Mayer from the Board of Directors, effective May 7, 2026, following the company's annual meeting of stockholders, and introduces Daniel G. Korte and Ryan D. McCarthy as new board members to enhance the board's capabilities and support growth in the Aerospace and Defense market [1][3][4]. Board Changes - Thomas Edman, former President and CEO, and John Mayer, current Class III board member, will retire from the Board effective May 7, 2026 [1]. - Daniel G. Korte has been appointed as a Class I director to fill the vacancy created by Edman's retirement, with a term expiring at the 2028 annual meeting of stockholders [2]. - Ryan D. McCarthy has been appointed as a Class III director, succeeding John Mayer, with a term expiring at the 2027 annual meeting of stockholders [3]. Leadership Appreciation - Rex Geveden, Chair of the Board, expressed gratitude for Edman’s visionary leadership and Mayer’s contributions, particularly in PCB manufacturing [4]. - Dr. Edwin Roks, President and CEO, acknowledged Edman's 22 years of board leadership and Mayer's 26 years of service, emphasizing their impact on the company's current standing [4]. New Board Members' Background - Daniel G. Korte is a seasoned aerospace and defense executive with a history of driving revenue growth and profitability, having served as Global Vice President of Aerospace at PPG Industries and CEO of LMI Aerospace [5]. - Ryan D. McCarthy, former U.S. Army Secretary, has extensive experience in aerospace and defense, including roles at Lockheed Martin and as an Operating Partner at Capitol Meridian Partners [6][8].

Core Insights - TTM Technologies (TTMI) is set to report its fourth-quarter 2025 results on February 4, with expected net sales between $730 million and $770 million, reflecting a 15.55% year-over-year increase [1] - The company anticipates non-GAAP earnings per share in the range of 64 to 70 cents, with a consensus estimate of 68 cents, indicating a 13.33% growth year-over-year [2] Demand and Revenue Growth - Demand from data center computing and networking markets is accelerating due to the expansion of generative AI, with data center computing revenues increasing by 44% year-over-year in Q3 2025, expected to account for 28% of total Q4 sales [3] - The networking segment also saw a 35% year-over-year growth, driven by sustained AI demand and new product introductions, contributing positively to TTMI's fourth-quarter performance [3] Aerospace and Defense Segment - The aerospace and defense (A&D) segment is providing strong revenue stability, with a program backlog of approximately $1.46 billion, supported by robust demand due to defense budget increases and significant bookings for key platforms [4] - A&D is expected to represent around 42% of total revenues, likely bolstering fourth-quarter results [4] Capacity Expansion Initiatives - TTMI is expanding its capacity to meet rising demand in AI-driven markets, with the Penang, Malaysia facility ramping up and expected to contribute to revenue growth in Q4 2025 [5] - The development of the Ultra-HDI PCB facility in Syracuse, NY, is progressing, with volume production anticipated in the second half of 2026, supporting advanced PCB demand [5] Automotive Market Challenges - The automotive segment is facing challenges, with revenues declining to 11% of total sales in Q3 2025 from 14% in the previous year, and expected to contract further to around 9% in Q4 [6] - This segment is anticipated to negatively impact overall results due to continued weakness in demand [6] Overall Performance Expectations - TTMI is expected to report double-digit revenue and earnings growth for Q4 2025, benefiting from strong AI-led growth in data center and networking markets, while the automotive segment remains a headwind [7] - The company's current Earnings ESP is 0.00% with a Zacks Rank of 1, indicating uncertainty regarding an earnings beat this time [8]

Core Insights - TTM Technologies, Inc. and Raytheon have signed a multi-year agreement valued at $200 million to supply radio frequency assemblies, electronic hardware, and printed circuit boards for Raytheon's Lower Tier Air and Missile Defense Sensor (LTAMDS) [1][2] Group 1: Agreement Details - The agreement enhances TTM's support for LTAMDS development and production-readiness, ensuring alignment with program schedules and customer milestones [2] - The multi-year contract allows Raytheon to meet an accelerated delivery schedule while reducing costs [2] Group 2: TTM's Role and Capabilities - TTM designs, manufactures, and tests critical components such as the Beam Forming Network, printed wiring boards, and specialized assemblies for LTAMDS and GhostEye radars [3] - Multi-year commitments enable TTM to invest in capacity and improve lead-time stability, ultimately increasing value for customers and taxpayers [3] Group 3: Strategic Importance - The agreement underscores the importance of U.S.-based electronics manufacturing for integrated air and missile defense, aligning with the Department of War's focus on strengthening supply chains and accelerating delivery of essential capabilities [4]