TTM Technologies(US:TTMI)2025-07-30 20:31Financial Performance - Net sales for Q2 2025 were $730.6 million, a 21% increase from $605.1 million in Q2 2024[3] - GAAP net income for Q2 2025 was $41.5 million, or $0.40 per diluted share, compared to $26.4 million, or $0.25 per diluted share in Q2 2024[4] - Non-GAAP net income for Q2 2025 was $60.8 million, or $0.58 per diluted share, up from $40.2 million, or $0.39 per diluted share in Q2 2024[5] - Adjusted EBITDA for Q2 2025 was $109.7 million, representing 15.0% of sales, compared to $84.6 million, or 14.0% of sales in Q2 2024[5] - Non-GAAP operating margins were 11.1%, an increase of 210 basis points year on year[6] - Non-GAAP net income for Q2 2025 was $60.76 million, up from $40.20 million in Q2 2024, indicating a growth of approximately 51.4%[24] - Non-GAAP operating income reached $81.42 million in Q2 2025, up from $54.52 million in Q2 2024, representing a growth of approximately 49.2%[24] - GAAP net income for Q2 2025 was $41.53 million, up from $26.35 million in Q2 2024, representing a 57.5% increase[25] - Adjusted EBITDA for Q2 2025 reached $109.73 million, compared to $84.64 million in Q2 2024, reflecting a 29.6% growth[25] - Free cash flow for Q2 2025 was $37.57 million, an increase from $31.90 million in Q2 2024, marking a 17.0% rise[25] Operational Highlights - Cash flow from operations was $97.8 million, or 13.4% of revenues[8] - Gross margin improved to 20.3% in Q2 2025 from 19.4% in Q2 2024, while operating margin increased to 8.5% from 6.4%[23] - Total segment sales rose to $730.62 million in Q2 2025, up from $605.14 million in Q2 2024, marking an increase of approximately 20.7%[23] - Aerospace & Defense segment sales increased to $327.57 million in Q2 2025, compared to $274.51 million in Q2 2024, reflecting a growth of about 19.3%[23] - Stock-based compensation expense totaled $9.19 million in Q2 2025, compared to $6.58 million in Q2 2024, an increase of about 39.5%[23] - The company reported a total operating income of $61.77 million in Q2 2025, compared to $38.99 million in Q2 2024, reflecting an increase of approximately 58.1%[23] - The adjusted EBITDA margin improved to 15.0% in Q2 2025 from 14.0% in Q2 2024, reflecting enhanced operational efficiency[25] Market and Strategic Developments - TTM expects Q3 2025 revenues to be between $690 million and $730 million, with non-GAAP net income per diluted share projected between $0.57 and $0.63[9] - The company acquired a facility in Wisconsin and land rights in Penang to support regional diversification of PCB supply chains[6] - Record quarterly revenues were achieved in the Aerospace and Defense and Data Center Computing end markets[8] - The company reported a strong demand in Aerospace and Defense, Medical, Industrial and Instrumentation, Data Center Computing, and Networking end markets, driven by generative AI requirements[6] Asset and Cash Management - Cash and cash equivalents decreased from $5,003.93 million in December 2024 to $4,479.67 million in June 2025, representing a decline of approximately 10.4%[22] - Total current assets amounted to $1,676.44 million as of June 2025, compared to $1,606.74 million in December 2024, an increase of about 4.3%[22] Capital Expenditures - Capital expenditures for Q2 2025 were $60.23 million, significantly higher than $9.96 million in Q2 2024, indicating increased investment[25]