TTM Technologies(TTMI) - 2026 Q3 - Quarterly Results

Financial Performance - Net sales for Q3 2025 were $752.7 million, a 22% increase compared to $616.5 million in Q3 2024[4] - GAAP net income for Q3 2025 was $53.1 million, or $0.50 per diluted share, up from $14.3 million, or $0.14 per diluted share in Q3 2024[4] - Adjusted EBITDA for Q3 2025 was $120.9 million, representing 16.1% of net sales, compared to $100.6 million, or 16.3% of net sales in Q3 2024[5] - Non-GAAP net income for Q3 2025 reached $71.0 million, or $0.67 per diluted share, a quarterly record high, compared to $56.8 million, or $0.55 per diluted share in Q3 2024[5] - Non-GAAP net income for the first three quarters of 2025 was $184.149 million, significantly higher than $126.091 million in the same period of 2024, marking a 46% increase[24] - Non-GAAP earnings per diluted share for Q3 2025 was $0.67, compared to $0.55 in Q3 2024, indicating a 21.8% rise[24] Cash Flow and Efficiency - Cash flow from operations was $141.8 million, or 18.8% of net sales, indicating strong operational efficiency[7] - Free cash flow for Q3 2025 was $42.570 million, compared to $24.231 million in Q3 2024, showing a 76% increase[24] - Operating cash flow for the first three quarters of 2025 was $228.952 million, compared to $150.840 million in the same period of 2024, representing a 51.7% increase[24] Sales and Market Growth - The company reported double-digit year-on-year revenue growth in Medical, Industrial and Instrumentation, and Aerospace and Defense end markets[6] - Aerospace and Defense segment net sales increased to $336.8 million from $279.5 million year-on-year[23] - For Q4 2025, the company 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[8] Profitability Metrics - Gross margin for Q3 2025 was 20.8%, slightly down from 21.1% in Q3 2024, while operating margin improved to 9.6% from 8.3%[22] - GAAP gross profit for Q3 2025 was $156.736 million, up from $129.888 million in Q3 2024, representing a 20.6% increase[24] - Non-GAAP gross profit for Q3 2025 reached $162.016 million, compared to $135.734 million in Q3 2024, reflecting a 19.4% growth[24] - Non-GAAP gross margin for Q3 2025 was 21.5%, slightly down from 22.0% in Q3 2024[24] Capital Expenditures - Capital expenditures for Q3 2025 were $99.233 million, significantly higher than $40.859 million in Q3 2024, indicating a 143% increase[24] Adjustments and Revisions - The company has revised prior year results to exclude the impact of unrealized (gain) loss on foreign exchange from non-GAAP net income and adjusted EBITDA[25]