© melpomenem dreamstime.com PCB | May 07, 2019
TTM Technologies recorded a loss in 1Q19
Costa Mesa, California-based PCB and RF components manufacturer, TTM Technologies, delivered first quarter earnings within its guidance range, despite weakness in some of its commercial end markets,
Net sales for the first quarter of 2019 amounted to USD 620.2 million, compared to USD 663.6 million in the first quarter of 2018 and USD 711.0 million in the fourth quarter of 2018. GAAP operating income for the first quarter of 2019 was USD 17.5 million, compared to USD 30.0 million in the first quarter of 2018 and USD 42.8 million in the fourth quarter of 2018. GAAP net income for the first quarter of 2019 was a loss of USD 3.3 million, compared an income of USD 10.1 million in the first quarter of 2018 and USD 52.5 million. On a non-GAAP basis, net income for the first quarter of 2019 was USD 16.4 million. This compares to non-GAAP net income of USD 28.0 million for the first quarter of 2018 and USD 55.0 million in the fourth quarter of 2018. Adjusted EBITDA for the first quarter of 2019 was USD 78.5 million, or 12.7% of net sales, compared to adjusted EBITDA of USD 83.2 million, or 12.5% of net sales, for the first quarter of 2018. Cash flow from operations amounted to USD36.9 million “For the first quarter, TTM generated good cash flow and delivered earnings within the previously guided range, despite weakness in some of our commercial end markets,” says Tom Edman, CEO of TTM, in a press release. “We were pleased to see solid year over year growth from the aerospace and defense end market that partially offset weakness in our cellular and automotive end markets. We expect softness in the commercial markets to continue in Q2 and plan to address this challenge with the same discipline we have demonstrated in the past. At the same time, we will continue to be focused on cash flow generation and our strategic goals of diversification and differentiation,” Edman continues. For the second quarter of 2019 TTM estimates that revenue will be in the range of USD 610 million to USD 650 million.