I'm Sam Vardis on the floor of the New York Stock Exchange. It's time now for overlooked stocks. So shares of Jabel are on the rise after a strong earnings report this morning.So I'm joined by George Seller, senior markets correspondent to help us get across this one. So we got some earnings today and that is at least helping the stock outperform what is otherwise a down market. Talk us through the report and the reaction we're seeing today.>> Yeah, actually, you know, quite good considering the uh the mark ...

Financial Data and Key Metrics Changes - TTM Technologies reported net sales of $752.7 million for Q3 2025, a 22% increase year-on-year from $616.5 million in Q3 2024 [16] - The adjusted EBITDA margin was 16.1%, slightly down from 16.3% in the same quarter last year [9][21] - Non-GAAP EPS reached $0.67, compared to $0.55 in Q3 2024 [20][21] - Cash flows from operations were $141.8 million, or 18.8% of sales, bringing year-to-date cash flow to $229 million, or 10.7% of sales [9][21] Business Line Data and Key Metrics Changes - Aerospace and defense sales accounted for 45% of total sales, with a 20% year-on-year growth to $336.8 million [11][16] - Data center computing represented 23% of sales, growing 44% year-on-year, driven by demand for GenAI applications [12][13] - Medical, industrial, and instrumentation sales grew 22% year-on-year, representing 14% of total sales [13] - Automotive sales declined to 11% of total sales, primarily due to inventory adjustments [14] Market Data and Key Metrics Changes - Approximately 80% of total sales were related to aerospace and defense and AI-driven markets [8] - The book-to-bill ratio was 1.15 for Q3 2025, indicating strong order intake relative to shipments [15] - The 90-day backlog was $610.4 million, up from $534.5 million in Q3 2024 [14] Company Strategy and Development Direction - The company aims to move up the value chain into complex modules and subsystems for high-reliability markets [4][5] - TTM is focused on expanding its manufacturing capabilities in Penang and Syracuse, with plans for a second facility in Penang [10][11] - The strategic review is ongoing, with plans to be presented to the board for approval next month [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued demand strength across key markets, particularly in aerospace and defense and AI [9][10] - The company does not expect significant short-term impacts from tariffs due to its diversified supplier base [9] - Future sales growth is anticipated, particularly in the aerospace and defense sector, with a solid program backlog [12] Other Important Information - The company is participating in several upcoming conferences to engage with investors [23] - The effective tax rate for Q3 2025 was 15%, compared to 10.6% in the same quarter last year [19] Q&A Session Summary Question: Visibility in the data center market and capacity to meet demand - Management indicated visibility extends six to nine months and capacity is well balanced between North America and Asia [25][26] Question: Margin headwinds in Penang - The impact on margins was about 195 basis points in Q3, expected to be around 160 basis points in Q4 [27][30] Question: PCB manufacturing capacity share globally - TTM is the number one player in the U.S. and ranks about six or seven globally, with a strong position in the data center segment [35][36] Question: Background of the new CEO and future metrics - The new CEO emphasized growth, maintaining healthy gross margins, and strong cash generation as key metrics for the company [40][44]

Summary of Firan Technology Group (FTG) Conference Call Company Overview - **Company Name**: Firan Technology Group Corporation (OTCPK:FTGF.F) - **Industry**: Aerospace and Defense Electronics - **Product Offerings**: - Cockpit and avionics products under FTG Aerospace - Printed circuit boards under FTG Circuits - **Geographical Presence**: - 10 sites: 3 in Canada (Toronto, Calgary), 5 in the U.S., 2 in China, and a new site being built in India [4][5] Financial Performance - **Growth Rate**: Average growth of 34% over the last three years, driven by both organic growth and acquisitions [5] - **Shares Outstanding**: 25.2 million shares, with the largest shareholder being Oak West at just under 20% [5] - **Revenue and EBITDA**: Quarterly revenue has increased from $20 million to over $40 million, with EBITDA rising to $7-8 million per quarter [27] Strategic Initiatives 1. **Cost Management**: Focus on managing costs and efficiencies as a manufacturer [5][6] 2. **Growth and Operating Leverage**: Aim to increase revenue to drive bottom-line growth, leveraging fixed costs [6][8] 3. **Acquisitions**: Acquisitions are expected to contribute to half of FTG's growth, with a focus on strategic alignment and value creation [20][26] 4. **Operational Performance**: Emphasis on maintaining high operational performance to secure more work from sophisticated customers [13][16] Market Dynamics - **Demand Trends**: - Strong growth in aerospace and defense sectors, with both Airbus and Boeing aiming for a 50% increase in production rates [10] - U.S. defense budget is on the rise due to geopolitical tensions, driving demand in the defense sector [11] - **Market Segmentation**: FTG aims to participate in all subsegments of aerospace and defense, including air transport, business jets, and general aviation [9] Competitive Advantages - **Barriers to Entry**: Significant barriers due to government certifications and customer approvals, making it difficult for new entrants [14][15] - **Customer Relationships**: Deep relationships with key customers across various functions are crucial for winning future contracts [16] - **Technological Advancements**: Investment in technology to support customer needs and improve operational performance [13] Recent Acquisition - **FLYHT Acquisition**: - Acquired to enhance FTG's presence in the aftermarket business and to leverage existing products for Airbus [21][22] - Focus on reducing costs, selling new products, and obtaining necessary approvals for various aircraft types [25][26] Financial Health - **Balance Sheet**: Strong financial position with $9 million in debt and a focus on cash generation and reinvestment [27] - **Cash Conversion**: Aiming to return to over 100% cash conversion after pandemic-related fluctuations [28] Challenges and Considerations - **Tariffs**: Current tariffs create uncertainty, particularly affecting U.S. sites, but FTG is managing costs effectively under the USMCA agreement [33] - **Industry Capacity**: There is constrained capacity in the aerospace and defense manufacturing sector, leading to challenges in meeting demand [36] ESG Focus - **Environmental Responsibility**: FTG emphasizes environmental considerations in its manufacturing processes [29] Conclusion - FTG is positioned for growth in the aerospace and defense sector, with a strong focus on operational performance, strategic acquisitions, and maintaining customer relationships. The company is navigating challenges such as tariffs and industry capacity constraints while aiming for continued financial health and ESG compliance.

Core Viewpoint - The "2025 Electronic Semiconductor Industry Innovation Development Conference and International Electronic Circuit (Greater Bay Area) Exhibition" (CPCA Show Plus) will take place from October 28 to 30, 2025, in Shenzhen, focusing on innovation-driven development in the semiconductor and electronic circuit industries [1]. Industry Growth and Trends - The PCB manufacturing industry in China experienced robust growth in the first half of 2025, with revenue reaching approximately 183 billion RMB, reflecting a year-on-year increase of over 10% driven by terminal demand and the expansion of emerging applications [4]. - The exhibition aims to leverage the advantages of the Greater Bay Area to stimulate the PCB industry's growth in the AI era by connecting upstream and downstream enterprises [4]. Exhibition Highlights - CPCA Show Plus 2025 will feature over 300 renowned exhibitors, showcasing a comprehensive range of products from PCB manufacturing processes to semiconductor and packaging substrates, providing a one-stop procurement and collaboration service [1][4]. - Key exhibitors include leading companies in the PCB manufacturing sector and those covering advanced materials, equipment, and chemicals, emphasizing a full industry chain approach [5]. Technological Innovations - The exhibition will present smart manufacturing solutions such as automated production lines, AI quality inspection systems, and digital twin factories, aimed at enhancing production efficiency and precision management in the electronic circuit and semiconductor industries [5]. - The event will also highlight sustainable development practices, showcasing green materials, energy-efficient production equipment, and clean production processes to support the industry's low-carbon transformation [5]. Networking and Collaboration - CPCA Show Plus 2025 is expected to attract over 45,000 professional attendees from global PCB application enterprises, research institutions, and buyers, facilitating supply-demand matching and technical exchanges [7]. - The exhibition will feature specialized zones for ceramic substrates, top PCB companies, and academic innovation, allowing attendees to focus on industry dynamics and trends [7]. International Promotion - The event has been promoted through various domestic and international media channels to enhance the global presence of China's electronic manufacturing industry, attracting notable companies from the application demand side [10]. Forums and Activities - A series of forums and activities will be held alongside the exhibition, including the 47th Sino-Japanese Electronic Circuit Autumn Conference, focusing on AI empowerment and industry breakthroughs [13]. - Specialized forums will address various topics, including low-altitude economy, commercial aerospace, and AI technology innovations, catering to diverse attendee interests [14]. Invitation to Industry Stakeholders - CPCA Show Plus 2025 serves as a platform for industry stakeholders to explore opportunities and drive upgrades in the semiconductor sector, inviting global enterprises, experts, and partners to participate [16].

Core Points - Firan Technology Group Corporation (FTG) will release its third quarter 2025 financial results on October 8, 2025, after market close [1] - A live conference call to discuss these results is scheduled for October 9, 2025, at 8:30 AM Eastern Time [1] - FTG operates in the aerospace and defense electronics sector, providing products and subsystems globally [3][4] Company Overview - FTG has two main operating units: FTG Circuits, which manufactures high technology printed circuit boards, and FTG Aerospace, which designs and supports illuminated cockpit products and electronic assemblies [3][4] - FTG Circuits serves customers in aviation, defense, and high technology industries, with operations in multiple locations including Toronto, California, Virginia, Minnesota, Massachusetts, and a joint venture in Tianjin, China [3] - FTG Aerospace operates in Toronto, Calgary, California, and Tianjin, China, focusing on original equipment manufacturers and operators in aerospace and defense [4] Conference Call Details - Participants can join the conference call by dialing 1-289-514-5100 or 1-800-717-1738, using Conference ID 10435 [2] - A replay of the call will be available until November 14, 2025, and can be accessed via the FTG website [2]

TTM Technologies (TTMI) 2025 Conference Summary Company Overview - TTM Technologies is a technology solutions provider primarily focused on printed circuit boards (PCBs), which account for approximately 75% of its business. The company generated revenues of about $2.5 billion last year and is diversifying into integrated electronics and subsystems [3][4][6]. Core Business Segments - The company operates in five end markets: - Aerospace and Defense (46% of net sales in 2024) - Data Center Computing - Networking - Medical - Automotive [11][20][22]. Growth and Diversification Strategy - TTM has grown through acquisitions and has shifted focus from traditional PCB manufacturing to more complex, value-added products, particularly in aerospace and defense [6][7]. - The company has a program backlog of nearly $500 million, indicating strong future revenue potential [14]. - Year-to-date revenue growth for 2025 is approximately 15%, with defense revenue growth year-over-year at about 21% [13]. Market Trends and Opportunities - The rise of generative AI is driving demand in data center computing and networking, which are expected to grow significantly [18][22]. - The automotive sector is facing challenges, with expected growth below the industry benchmark due to slower adoption of electric vehicles (EVs) in the U.S. and Europe [22][24]. - The medical and industrial automation sectors are also showing growth, driven by advancements in technology and increased demand for sensors and testing equipment [25][26]. Operational Expansion - TTM is expanding its manufacturing footprint globally, with significant operations in Asia (primarily China and Penang) and the U.S. [8][30]. - A new facility in Penang is expected to generate $200 million in annual revenues, while a facility in Syracuse, New York, will focus on ultra-high-density interconnect PCBs for military applications, projected to generate $100 million [32][34]. Financial Performance - The company has achieved operating margins of around 11% to 13%, with a target of maintaining a leverage ratio between 1.5 to 2 [36][40]. - Strong cash flow from operations has enabled TTM to invest in growth and maintain a solid capital structure [39][42]. Strategic Focus - TTM's strategic focus includes diversification, differentiation through engineering capabilities, and operational discipline [26][35]. - The company is also exploring opportunities in the commercial space sector and is preparing for potential onshoring of manufacturing related to generative AI [18][50]. Leadership Transition - A new CEO has recently been appointed, bringing a more technical background, which may influence the company's focus on technology and innovation moving forward [56][58]. Conclusion - TTM Technologies is well-positioned for growth in aerospace and defense, data center computing, and networking, while navigating challenges in the automotive sector. The company's strategic investments and operational expansions are expected to enhance its competitive edge in the market [57][44].

Core Viewpoint - TTM Technologies (TTMI) has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive outlook driven by rising earnings estimates, which significantly influence stock prices [1][2]. Earnings Estimates and Stock Price Movement - The Zacks rating system emphasizes the importance of earnings estimate revisions, which are strongly correlated with near-term stock price movements [3][5]. - Institutional investors utilize earnings estimates to determine the fair value of stocks, leading to buying or selling actions that affect stock prices [3]. Company Performance and Outlook - The upgrade for TTM suggests an improvement in the company's underlying business, which is expected to be reflected in higher stock prices as investors respond positively [4]. - For the fiscal year ending December 2025, TTM is projected to earn $2.32 per share, with a 5.9% increase in the Zacks Consensus Estimate over the past three months [7]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [6]. - TTM's upgrade places it in the top 5% of Zacks-covered stocks, indicating a strong potential for market-beating returns in the near term [9].

Core Viewpoint - The article emphasizes that going global is a crucial direction for many companies seeking new growth opportunities amid the deep adjustments in the global economic landscape [1]. Group 1: Trends and Market Analysis - The "Going Global" trend is highlighted, with a projected 5.9% growth in China's exports in the first half of 2025, although different industries experience varying levels of success [8]. - Traditional industries like textiles and toys face significant challenges, while emerging sectors such as integrated circuits and agricultural products show rapid export growth [9]. - The shift in global trade patterns indicates a decline in exports to the U.S. and an increase in exports to markets like Thailand, Vietnam, and India post-2023 [10][11]. Group 2: Strategic Considerations for Going Global - Companies must adapt to local market conditions, trade rules, and cultural differences, emphasizing the need for localized strategies [12]. - The transition from an order-focused mindset to a customer-centric approach is essential for sustainable growth, even for industrial intermediate goods [12]. Group 3: Cross-Cultural Management - The process of going global is described in three stages: "watching the sea," "rushing to the sea," and "truly going global," with most companies currently in the first three stages [15]. - Effective human resource management is crucial, involving expatriates, local employees, and international talent to ensure successful market integration [17][18]. - Cultural differences should be viewed as opportunities for innovation rather than obstacles [19]. Group 4: Case Studies and Practical Insights - Cool-Vita's approach in Southeast Asia emphasizes deep localization and long-term brand commitment, adapting products to local consumer habits [27][28]. - The company has achieved significant market penetration in Indonesia, demonstrating the importance of understanding local culture and consumer behavior [29]. Group 5: Educational Initiatives - The "Going Global Navigator Class" aims to provide a comprehensive framework for companies to navigate the complexities of international expansion, featuring insights from experienced mentors [30][31].

Company Performance - TTM Technologies reported quarterly earnings of $0.58 per share, exceeding the Zacks Consensus Estimate of $0.52 per share, and up from $0.39 per share a year ago, representing an earnings surprise of +11.54% [1] - The company posted revenues of $730.62 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 9.38%, compared to year-ago revenues of $605.14 million [2] - TTM has surpassed consensus EPS estimates three times over the last four quarters and topped consensus revenue estimates four times during the same period [2] Stock Performance - TTM shares have increased approximately 96% since the beginning of the year, significantly outperforming the S&P 500's gain of 8.3% [3] - The current consensus EPS estimate for the upcoming quarter is $0.55 on revenues of $667.99 million, and for the current fiscal year, it is $2.19 on revenues of $2.67 billion [7] Industry Outlook - The Electronics - Miscellaneous Components industry, to which TTM belongs, is currently ranked in the top 26% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, suggesting that the industry outlook can materially impact stock performance [5][8]

Financial Data and Key Metrics Changes - TTM Technologies achieved revenue of $730.6 million in Q2 2025, a 21% increase from $605.1 million in Q2 2024, driven by strong demand in various end markets [25][26] - Non-GAAP EPS reached a record $0.58, compared to $0.39 in the same quarter last year, reflecting strong operational performance [31] - Non-GAAP operating margins improved to 11.1%, up 210 basis points year on year, marking the fourth consecutive quarter of double-digit operating margin performance [6][29] Business Line Data and Key Metrics Changes - Aerospace and Defense segment accounted for 45% of total revenues, with net sales of $327.6 million, up from $274.5 million in Q2 2024 [26][17] - Data Center Computing segment represented 21% of total sales, achieving 20% year-on-year growth, driven by demand for generative AI applications [18][19] - Medical Industrial Instrumentation segment contributed 15% of total sales, with a 28% year-on-year growth due to increased demand in robotics and automated test equipment [18][19] Market Data and Key Metrics Changes - The automotive market saw a slight decline, contributing 11% of total sales, down from 14% in the previous year, primarily due to inventory adjustments [19] - Networking segment grew significantly, accounting for 8% of revenue with a 52% year-on-year increase, driven by demand from networking customers [20] - The company maintains a solid backlog in the Aerospace and Defense market, amounting to approximately $1.46 billion, indicating strong future revenue visibility [17][22] Company Strategy and Development Direction - TTM is focusing on expanding its manufacturing capabilities in the U.S. to support defense and generative AI markets, including a new facility in Eau Claire, Wisconsin [9][10] - The company is diversifying its production footprint and end markets, having divested lower-margin facilities in China and invested in new capabilities in the U.S. and Malaysia [7][8] - TTM plans to establish a second production site in Malaysia to meet increasing customer demand and supply chain diversification needs [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the defense market due to increased government spending, with a $150 billion increase in defense budgets expected to drive growth [11][12] - The geopolitical environment is being monitored, but TTM does not anticipate significant short-term impacts from tariffs due to its diversified operations [8] - Management remains optimistic about future growth, particularly in the aerospace and defense sectors, and expects continued strong demand in data center computing [5][6] Other Important Information - The company announced a change in its reportable segments to better reflect its operations, now categorizing into Aerospace and Defense, Commercial, and RF and Specialty Components [26] - TTM's cash flow from operations was 13.4% of revenues, with a net leverage ratio of 1.2 times, indicating a healthy financial position [6][32] - The CEO announced plans to retire, with a search for a successor already underway [24] Q&A Session Summary Question: Timeline for new capacity in Wisconsin and customer requests - Management indicated that the Eau Claire facility is prepared for customer engagement and infrastructure is ready for equipment installation as demand increases [39][40] Question: Concerns about slippage in Malaysia's breakeven timeline - Management stated that while the ramp-up in Penang is slower than anticipated, it does not impact competitive positioning, and customer interest remains strong [46][48] Question: Update on capacity expansion in China - Management confirmed that capacity in China is being expanded, particularly in Dongguan and Guangzhou, to meet data center demands [54][56] Question: Customer diversification in the data center segment - Management reported good diversification in the data center space, with ongoing efforts to balance capacity for core customers while adding new ones [58] Question: Cost competitiveness of the Eau Claire facility - Management acknowledged that initial costs in Eau Claire would be higher than in China, but there is customer appetite for U.S.-sourced capacity [84][85] Question: Margin drag in Penang - Management noted that the margin drag in Penang has worsened slightly, now at about 210 basis points [86]