Core Insights - TTM Technologies, Inc. reported strong financial results for Q3 2025, with significant year-on-year growth in net sales and net income, driven by demand in various end markets, particularly Data Center Computing and Networking, influenced by generative AI [3][5][8] Financial Performance - Net sales for Q3 2025 reached $752.7 million, a 22% increase from $616.5 million in Q3 2024 [3] - GAAP operating income was $71.9 million, up from $51.0 million in the same quarter last year [3] - GAAP net income for Q3 2025 was $53.1 million, or $0.50 per diluted share, compared to $14.3 million, or $0.14 per diluted share in Q3 2024 [3] - Adjusted EBITDA was $120.9 million, representing 16.1% of net sales, slightly down from 16.3% in Q3 2024 [4] - Non-GAAP net income was $71.0 million, or $0.67 per diluted share, compared to $56.8 million, or $0.55 per diluted share in Q3 2024 [4] Market Demand and Growth Drivers - The company experienced strong demand in its Data Center Computing and Networking markets, primarily due to the requirements of generative AI [5] - Other end markets, including Medical, Industrial and Instrumentation, and Aerospace and Defense, also saw double-digit revenue growth year-on-year [5] Cash Flow and Investment - Cash flow from operations was $141.8 million, or 18.8% of revenues, allowing the company to continue its investment in facilities expansion to support projected growth [5] Future Outlook - For Q4 2025, TTM estimates net sales to be between $730 million and $770 million, with non-GAAP net income projected to be between $0.64 and $0.70 per diluted share [6]

Core Insights - TTM Technologies (TTMI) is set to report its third-quarter 2025 results on October 29, with expected revenues between $690 million and $730 million, reflecting a 15.59% increase year-over-year [1][8] - The company anticipates non-GAAP earnings per share (EPS) in the range of 57 to 63 cents, with a consensus estimate of 61 cents, indicating a year-over-year growth of 48.78% [2][8] - TTM Technologies has consistently surpassed earnings estimates in the past four quarters, with an average surprise of 16.85% [2] Revenue and Segment Performance - The Aerospace and Defense (A&D) segment, which constituted 45% of total sales in the previous quarter, is expected to have driven revenue growth due to a record backlog of approximately $1.46 billion [3][8] - The strong order pipeline and favorable program mix in the A&D segment are anticipated to have supported stable utilization levels and improved operational efficiency [3] Strategic Initiatives - TTM Technologies has undertaken strategic capacity and footprint expansion initiatives, including the acquisition of a large facility in Wisconsin and land rights in Penang, Malaysia, enhancing global manufacturing flexibility and supply-chain resilience [4][8] - The company entered the quarter with a robust financial position, featuring $97.8 million in operating cash flow and $448 million in cash, allowing for investments in capacity expansion and technology upgrades [5] Challenges and Market Dynamics - Despite the positive factors, TTM Technologies may face challenges due to softer bookings momentum, as indicated by a book-to-bill ratio of 0.89 in the second quarter, suggesting new orders lagged behind shipments [6] - This imbalance could limit near-term revenue visibility and production activity, potentially impacting sales growth and capacity utilization [6] Earnings Prediction Model - The current model does not predict a definitive earnings beat for TTM Technologies, as it has an Earnings ESP of 0.00% and a Zacks Rank of 2 (Buy) [7]

Core Insights - TTM Technologies, Inc. is leveraging opportunities in the defense and AI sectors while still being considered a bargain despite a recent price increase since April [1] Company Strategy - The company has made strategic investments in its growth path over the past few years, positioning itself favorably within its industry [1] Research Approach - Avalon Capital Research emphasizes the importance of delivering independent and actionable research on U.S.-listed companies, aiming to provide clarity on earnings events, corporate strategy shifts, and sector trends [1] - The research firm combines institutional rigor with modern digital publishing to make high-quality analysis accessible to both professional and retail investors [1]

Core Viewpoint - TTM Technologies, Inc. is set to discuss its third quarter 2025 performance in a conference call scheduled for October 29, 2025, after releasing its financial results on the same day [1][3]. Group 1: Conference Call Details - The conference call will take place at 4:30 p.m. Eastern Time/1:30 p.m. Pacific Time [1]. - Participants can register for the call to receive dial-in information and a unique PIN, with registration available up to the start of the call [2]. - The call will also be simulcast on the company's website, and the webcast will remain accessible for one week after the live event [2]. Group 2: Company Overview - TTM Technologies, Inc. is a leading global manufacturer of technology solutions, including mission systems, RF components, RF microwave/microelectronic assemblies, and advanced printed circuit boards (PCBs) [4]. - The company emphasizes its time-critical, one-stop manufacturing services, which help customers shorten the time required to develop and market new products [4].

Group 1 - Needham raised its price target on TTM Technologies to $65 from $56 while maintaining a Buy rating, citing stronger growth prospects in AI data center and defense markets [1] - Shares of TTM Technologies increased by more than 1% in pre-market trading following the announcement [1] Group 2 - Street estimates for 2026 are considered conservative, especially in TTM's Data Center Computing business [2] - Despite concerns regarding the slower ramp-up at the Penang facility, Needham is confident that TTM's China operations, which represent the majority of production, can meet rising AI-driven demand [2] - There is potential upside from TTM's aerospace and defense segment as it approaches 2026 [2]

Core Insights - First Principles Partners specializes in equity research focused on technology, innovation, and sustainability investment, utilizing a unique approach that breaks down complex problems to their basic elements [1] Group 1: Company Overview - The company has a strong background in investment, private equity, and venture capital, demonstrating a proven track record of delivering strong returns [1] - Articles produced by the company on Seeking Alpha emphasize emerging technologies, sustainable investing, and the intersection of innovation and finance [1] Group 2: Investment Philosophy - The "First Principles" approach allows the company to uncover overlooked investment opportunities by analyzing financial and technological aspects [1] - The company is committed to sharing insights with a wider audience and learning from fellow investors to drive positive change [1]

Core Insights - First Principles Partners specializes in equity research focused on technology, innovation, and sustainability investment, utilizing a unique approach that breaks down complex problems to their basic elements [1] Group 1: Company Overview - The company has a strong background in investment, private equity, and venture capital, demonstrating a proven track record of delivering strong returns [1] - Articles produced by the company emphasize emerging technologies, sustainable investing, and the intersection of innovation and finance [1] Group 2: Investment Philosophy - The "First Principles" approach allows the company to uncover overlooked investment opportunities by simplifying complex financial and technological issues [1] - The company is committed to sharing insights with a wider audience and learning from fellow investors to drive positive change [1]

Core Insights - TTM Technologies, Inc. has introduced new ultra small RF crossover and splitter components to enhance its product lineup in the Radio Frequency & Specialty components sector [1][3] - The company emphasizes its commitment to meeting the demands of the Telecom, Test and Measurement, and Commercial Off-the-Shelf Mil-Aero sectors [1] Product Details - The XMX00400R-02 is a compact crossover designed for layout simplification, capable of handling 2W CW power with an insertion loss of 0.4dB from DC-18GHz and 0.8dB from 18GHz-40GHz, making it suitable for mmWave applications [4] - The XRS00400J1-30 is a 2-way 6dB splitter that features embedded resistive elements, with a transmission loss of 6.7dB, an estimated return loss of 18dB, and an estimated insertion loss of 0.8dB from 18GHz-40GHz, addressing broadband Analog/Digital splitting needs [4]

Core Insights - TTM Technologies, a leader in PCB manufacturing, is partnering with companies like Arista, RTX, and Jabil to develop AI infrastructure aimed at enhancing its market position and driving growth [1] Company Developments - The collaboration with Arista, RTX, and Jabil signifies TTM Technologies' strategic move to leverage AI technologies in its operations, which could lead to improved efficiency and innovation in PCB manufacturing [1] - TTM Technologies is focusing on breaking out in the competitive landscape by integrating advanced technologies, particularly in AI, to meet the evolving demands of the electronics industry [1] Industry Trends - The partnership reflects a broader trend in the electronics industry where companies are increasingly investing in AI and advanced technologies to stay competitive and meet customer needs [1] - The move towards AI infrastructure is indicative of the industry's shift towards automation and smart manufacturing processes, which are expected to enhance productivity and reduce costs [1]

Core Insights - TTM Technologies, Inc. will exhibit at Electronica India 2025, showcasing advancements in PCB technologies and innovative solutions for the electronics industry [1][2][3] Company Overview - TTM Technologies is a leading global manufacturer of technology solutions, including mission systems, RF components, RF microwave/microelectronic assemblies, and advanced printed circuit boards [4] - The company emphasizes time-to-market, enabling customers to shorten product development cycles [4] Industry Engagement - The participation in Electronica India 2025 highlights the importance of the Indian market and the rapidly advancing electronics industry [3] - TTM aims to collaborate with industry leaders and demonstrate how its technologies can support innovations across various sectors, including data center computing, networking communications, medical, industrial, and aerospace [3]