Core Insights - TTM Technologies, Inc. announced the retirement of President and CEO Thomas T. Edman, with a search for his successor underway, expected to conclude by the end of 2025 [1][2][4] - Edman has been with the company since 2004, serving as President since 2013 and CEO since 2014, leading TTM through significant growth and operational improvements [2][3] - Under Edman's leadership, TTM has strengthened its capabilities in the Aerospace and Defense market and expanded its focus on Data Center Computing and Networking, particularly in support of generative AI [2][3] Company Performance - TTM is experiencing its strongest first half of any year in terms of revenue growth and margins, supported by a solid balance sheet for future growth [3] - The company has successfully integrated multiple acquisitions and diversified its end markets, enhancing its position as a global leader in advanced electronics solutions [3] Leadership Transition - Edman will remain as President and CEO until a successor is appointed and will continue to serve as a Director and member of the Government Security Committee post-transition [1][4] - The Board of Directors expressed gratitude for Edman's visionary leadership and commitment, noting his impact on the company's strategic direction [4]

Company Overview - TTM Technologies, Inc. is a leading global manufacturer of technology solutions, including mission systems, radio frequency components, RF microwave/microelectronic assemblies, and advanced printed circuit boards (PCBs) [4] Upcoming Events - TTM Technologies will host a conference call on July 30, 2025, at 4:30 p.m. Eastern Time to discuss its second quarter 2025 performance [1] - The company will release its second quarter 2025 financial results after the market closes on the same day [3] - Access to the conference call will be available through a registration link, and participants will receive dial-in information and a unique PIN [2]

Core Insights - TTM Technologies (TTMI) shares have increased by 28% over the past month, outperforming the broader Zacks Computer and Technology sector's return of 8.3% and the Zacks Electronics - Miscellaneous Components industry's growth of 10% [1] Financial Performance - In the first quarter of 2025, TTM Technologies reported revenues of $648.7 million, a 14% year-over-year increase, surpassing the Zacks Consensus Estimate by 4.3% and exceeding the company's guidance of $600-$640 million [2] - The company's earnings per share reached 50 cents, beating the Zacks Consensus Estimate by 28.21% and exceeding the company's projection of $0.37-$0.43, marking a record for the first quarter [2] Market Positioning - TTM Technologies is well-positioned in high-growth markets such as aerospace and defense, data center computing, and networking, indicating continued positive momentum [3] - The aerospace and defense sector contributed 47% to total revenues in Q1 2025, with a 15% year-over-year revenue growth, driven by increased defense budgets and significant bookings related to key programs [5] - The data center computing segment accounted for 21% of revenues in Q1 2025, growing 15% year-over-year, benefiting from strong demand from hyperscale data center clients [6] - The networking business experienced a 53% year-over-year increase, driven by renewed demand for switch-related products linked to AI infrastructure upgrades [7] Client Base and Revenue Growth - TTM Technologies supports approximately 1,400 clients globally, including major companies in defense, computing, and healthcare [8] - Revenues from the top five customers increased to 45% of total revenues in Q1 2025, up from 42% a year earlier, reflecting stronger engagement with strategic partners [9] - The client portfolio includes notable companies such as Apple, Cisco, Tesla, Raytheon, and Bosch, highlighting TTM's reputation as a critical supplier [10] Future Outlook - For Q2 2025, TTM Technologies expects total revenues of $650-$690 million, with the Zacks Consensus Estimate at $667.99 million, indicating a 10.39% year-over-year growth [12] - Projected non-GAAP earnings for Q2 2025 are between 49-55 cents per share, with the consensus estimate at 52 cents, suggesting a year-over-year rise of 33.3% [12] Conclusion - TTM Technologies is experiencing strong momentum in defense, AI infrastructure, and networking, supported by a growing backlog and resilient customer demand, setting the stage for continued revenue acceleration and strategic expansion in 2025 and beyond [13]

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]

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].