Company Overview - TTM Technologies, Inc. (NASDAQ: TTMI) specializes in manufacturing printed circuit boards and RF components, serving various sectors including defense, data centers, automotive, and medical devices [1] - The company operates plants in both North America and Asia, indicating a broad geographical footprint [1] Investment Focus - The analysis primarily targets small- to mid-cap companies, which are often overlooked by many investors, while also occasionally reviewing large-cap companies to provide a comprehensive view of the equity markets [1]

TTM Technologies (TTMI) came out with quarterly earnings of $0.50 per share, beating the Zacks Consensus Estimate of $0.39 per share. This compares to earnings of $0.31 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 28.21%. A quarter ago, it was expected that this printed circuit board maker would post earnings of $0.47 per share when it actually produced earnings of $0.60, delivering a surprise of 27.66%.Over the last four q ...

Financial Data and Key Metrics Changes - TTM Technologies achieved revenue of $648.7 million in Q1 2025, a 14% increase year-on-year from $570.1 million in Q1 2024 [26] - Non-GAAP EPS for Q1 2025 was $0.50, compared to $0.28 in Q1 2024, reflecting strong financial performance [30] - Non-GAAP operating margin improved to 10.5%, up 340 basis points from 7.1% in the same quarter last year [28] Business Line Data and Key Metrics Changes - Aerospace and defense represented 47% of total sales in Q1 2025, with revenues growing 15% year-on-year [17] - Data center computing accounted for 21% of total sales, also growing 15% year-on-year, driven by demand for generative AI applications [19] - Automotive sales declined to 11% of total sales, down from 13% in the previous year, primarily due to inventory adjustments [20] Market Data and Key Metrics Changes - The company reported a book-to-bill ratio of 1.1 for the quarter, indicating a healthy order intake relative to shipments [7][25] - The aerospace and defense program backlog was approximately $1.55 billion, up from $1.38 billion year-on-year [18] - Networking revenue grew by 53% year-on-year, accounting for 8% of total revenue, driven by increased demand [21] Company Strategy and Development Direction - The company is focused on diversifying its end markets and manufacturing footprint, with significant investments in new production capabilities in regions like Malaysia [8] - TTM is positioned to benefit from increased defense spending, with expectations of continued growth in the aerospace and defense sector [15] - The company aims to mitigate tariff impacts through strategic sourcing and delivery timing [12] Management's Comments on Operating Environment and Future Outlook - Management noted that there has been no significant change in customer behavior due to tariffs, with a strong outlook for the aerospace and defense market [9][66] - The company is optimistic about the potential for increased domestic manufacturing investments in the U.S., which could benefit TTM in the long term [13] - Management highlighted the importance of maintaining flexibility and vigilance in response to potential economic slowdowns [13] Other Important Information - TTM's cash and cash equivalents at the end of Q1 2025 totaled $411.3 million, with net debt to EBITDA at 1.3 [32] - The company plans to ramp up production at its new facility in Syracuse, with expectations for production to begin in mid-2026 [16] - TTM published its second corporate sustainability report on April 22, reflecting its commitment to environmental responsibility [17] Q&A Session Summary Question: Revenue and margins at the Penang facility - In Q1, the Penang facility generated approximately $2.2 million in revenue, with an operating income loss of about $11.5 million, but is expected to reach breakeven by Q3 [36][37] Question: Decline in aerospace and defense program backlog - The program backlog decreased slightly from $1.56 billion to $1.55 billion, but bookings remain strong, indicating healthy demand [41][44] Question: Customer qualifications at the Penang facility - TTM has four anchor customers and is qualifying approximately 10 additional customers, with a focus on data center and networking markets [50][54] Question: Impact of tariffs on customer behavior - Management has not observed significant changes in customer behavior due to tariffs, with steady demand across various markets [66] Question: Competitive dynamics in PCB manufacturing - TTM is engaging in discussions with customers regarding future volume needs and is positioned to leverage its Penang facility for advanced technology production [70][71] Question: Potential upside from defense spending - The reconciliation bill includes programs related to air missile defense, which could provide additional revenue opportunities for TTM [80][82]

TTM Technologies (TTMI) Q1 2025 Earnings Call April 30, 2025 04:30 PM ET Speaker0 Good afternoon. Thank you for standing by. Welcome to the TTM Technologies Inc. First Quarter twenty twenty five Financial Results Conference Call. During today's presentation, all parties will be in a listen only mode. Following the presentation, the conference will be open for questions. To ask a question during the session, you will need to press 11 on your telephone. You will then hear an automated message advising your ha ...

TTM Technologies (TTMI) Q1 2025 Earnings Call April 30, 2025 04:30 PM ET Company Participants Sameer Desai - Vice President of Corporate Development & Investor RelationsThomas Edman - President & CEODaniel Boehle - Executive VP & CFORuben Roy - Managing Director - Equity ResearchMike Crawford - SMD & Head of Discovery Group Conference Call Participants William Stein - Managing Director/Senior Research Analyst - TechnologyJim Ricchiuti - Managing Director & Senior Equity Research Analyst Operator Good aftern ...

Financial Performance - Q1 2025 revenue was $648.7 million, exceeding the guided range of $600 million to $640 million[12] - Non-GAAP EPS for Q1 2025 was $0.50, surpassing the guided range of $0.37 to $0.43 and marking a record for a first quarter[12] - The company anticipates Q2 2025 revenues to be between $650 million and $690 million, with a non-GAAP EPS of $0.49 to $0.55[12] - Q1 2025 Non-GAAP gross margin was 20.8%, compared to 18.8% in Q1 2024[21] - Adjusted EBITDA for Q1 2025 was $99.481 million, resulting in an adjusted EBITDA margin of 15.3%, compared to $70.512 million and 12.4% respectively in Q1 2024[23] Backlog and Book-to-Bill - The book-to-bill ratio for Q1 2025 was 1.10[12] - Aerospace & Defense (A&D) program backlog reached $1.55 billion[12] - Total backlog was $517.5 million in Q1 2025[14] End Market Performance - Aerospace & Defense accounted for 47% of Q1 2025 revenues, with a year-on-year growth of 15%[13] - Data Center Computing represented 21% of Q1 2025 revenues, also with a year-on-year growth of 15%[13] - Networking saw a significant year-on-year growth of 53%, accounting for 8% of Q1 2025 revenues[13]

Exhibit 99.1 Contact: Sameer Desai, Vice President, Corporate Development & Investor Relations Sameer.desai@ttmtech.com 714-327-3050 TTM Technologies, Inc. Reports First Quarter 2025 Results Santa Ana, CA – April 30, 2025 – TTM Technologies, Inc. (NASDAQ: TTMI) ("TTM"), a leading global manufacturer of technology solutions, including mission systems, radio frequency ("RF") components, RF microwave/microelectronic assemblies, and quick-turn and technologically advanced printed circuit boards ("PCB"s) today r ...

Core Viewpoint - TTM Technologies, Inc. reported strong financial results for the first quarter of 2025, with significant year-over-year growth in net sales and net income, driven by demand in key markets such as Aerospace and Defense, Data Center Computing, and Networking, particularly influenced by generative AI [1][5]. Financial Performance - Net sales for Q1 2025 were $648.7 million, a 14% increase from $570.1 million in Q1 2024 [3]. - GAAP operating income for Q1 2025 was $50.3 million, compared to $17.1 million in Q1 2024 [3]. - GAAP net income for Q1 2025 was $32.2 million, or $0.31 per diluted share, up from $10.5 million, or $0.10 per diluted share in Q1 2024 [3]. - Non-GAAP net income for Q1 2025 was $52.4 million, or $0.50 per diluted share, compared to $29.1 million, or $0.28 per diluted share in Q1 2024 [4]. - Adjusted EBITDA for Q1 2025 was $99.5 million, representing 15.3% of sales, compared to $70.5 million, or 12.4% of sales in Q1 2024 [4]. Business Outlook - For Q2 2025, TTM estimates revenues to be in the range of $650 million to $690 million, with non-GAAP net income projected between $0.49 and $0.55 per diluted share [6]. Market Segmentation - In Q1 2025, the end market breakdown was as follows: Aerospace and Defense (47%), Automotive (11%), Data Center Computing (21%), Medical/Industrial/Instrumentation (13%), and Networking (8%) [20]. Operational Metrics - The company reported a book-to-bill ratio of 1.10 for Q1 2025, indicating a healthy order intake relative to sales [8]. - The Aerospace and Defense program backlog stood at $1.55 billion [8].

SANTA ANA, Calif., April 09, 2025 (GLOBE NEWSWIRE) -- TTM Technologies, Inc. (NASDAQ:TTMI) will host a conference call on Wednesday, April 30, 2025, at 4:30 p.m. Eastern Time/1:30 p.m. Pacific Time to discuss its first quarter 2025 performance. Access to the conference call will be available by clicking on the registration link TTM Technologies, Inc. first quarter 2025 conference call. Registering participants will receive dial in information and a unique PIN to join the call. Participants can register at a ...

Financial Performance - The company reported net sales of approximately $2.2 billion for fiscal 2023, positioning it as one of the largest and most diversified PCB manufacturers globally [76]. - The company experiences seasonal softness in the first and third quarters due to holidays and vacation periods, leading to stronger revenue in the second and fourth quarters [82]. - The company may face substantial liquidity problems if cash flows and capital resources are insufficient to fund debt service obligations, potentially leading to asset disposals or restructuring efforts [178]. - The company is required to make additional principal payments annually if the Secured Leverage Ratio exceeds 2.0, indicating a need for careful cash flow management [176]. - The company’s ability to generate cash is influenced by prevailing economic conditions and competitive factors, which are beyond its control [177]. Customer Relationships and Market Position - The company has a diverse customer base with over 1,500 customers and long-term relationships exceeding ten years with its ten largest customers [78]. - The company focuses on building long-term relationships with customers' engineering teams during the product development phase, enhancing its sales strategy [63]. - The company is recognized as a leading supplier in the aerospace and defense sector, having passed OEM and government certification processes [81]. Operations and Manufacturing - The company operates 17 PCB fabrication and engineered system plants across North America and five PCB fabrication plants in Asia [66][67]. - The company plans to establish an advanced technology PCB manufacturing facility in New York State, with groundbreaking anticipated in the first half of 2024 [68]. - Temporary closures of operations in China due to power shortages could adversely impact manufacturing capabilities and revenue generation [182]. Innovation and Intellectual Property - The company has approximately 150 patents and 20 pending patent applications, reflecting its commitment to protecting innovations critical to its business [83]. - The company offers a wide range of engineered systems and PCB products, including HDI and Ultra-HDI PCBs, flexible PCBs, and custom assemblies [77]. Workforce and Diversity - TTM's U.S. workforce is approximately 41% ethnically diverse and nearly 36% female, with 47% of new hires in 2023 identifying as underrepresented minorities [95]. - As of January 1, 2024, TTM had approximately 15,800 employees, with 12,600 in manufacturing roles and 1,100 in professional, managerial, or administrative roles [103]. - TTM's applicant flow more than doubled from 2022 due to enhanced recruitment advertising strategies [101]. - TTM's leadership development programs have over 83% of documented plans completed in 2023, focusing on individual growth and career opportunities [92]. - In 2022, TTM achieved a 94% participation rate in its employee engagement survey, indicating high performance across all 14 engagement drivers [96]. Compliance and Regulatory Risks - The company is subject to stringent export control laws and economic sanctions, with non-compliance potentially leading to significant penalties and reputational harm [195]. - Compliance with environmental laws is critical, as violations could result in fines, litigation, or revocation of necessary permits, adversely affecting operations [187]. - The evolving regulatory landscape in Asia poses risks that could limit legal protections and impact operational results [186]. - The company must adhere to various material content restrictions in products, which may incur liability if certifications are not met [192]. - Failure to maintain security clearance could prevent the company from performing on classified contracts, materially affecting business operations [185]. Financial Management and Risks - The company incurs significant costs due to public company compliance, including legal and accounting expenses, which may adversely affect net income [201]. - Cybersecurity threats, including outages and breaches, pose risks that could disrupt operations and lead to significant legal and financial exposure [202]. - The company is investing in upgrading its enterprise resource planning (ERP) system, which may cause disruptions if not implemented correctly [211]. - Future capital needs may require additional funding for operations, acquisitions, and technological upgrades, which may not be available on favorable terms [208][210]. - Changes in tax rates and regulations, including the OECD's Pillar Two global minimum tax, could adversely affect the company's effective tax rates starting January 1, 2024 [215]. - The company faces potential limitations on utilizing net operating loss carryforwards due to ownership changes, which could impact tax liabilities [212][213]. Community Engagement - The company packaged over 60,000 meals in a coordinated event in 2023, demonstrating its commitment to community service [90]. Financial Instruments - The company has entered into a four-year interest rate swap arrangement with a notional amount of $250 million to mitigate interest rate risk, paying a fixed rate of 3.49% [105].