TTM Technologies, Inc. reported significant financial improvements in its latest 10-Q filing for the quarter ended September 30, 2024. The company achieved net sales of $616.5 million, marking a 7.7% increase from $572.6 million in the same quarter of the previous year. For the first three quarters of 2024, net sales totaled $1.79 billion, up 7.7% from $1.66 billion in the prior year. The growth was primarily driven by strong demand in the aerospace and defense sectors, as well as data center computing.
Gross profit for the third quarter rose to $129.9 million, compared to $113.3 million a year earlier, with gross margins improving to 21.1% from 19.8%. The PCB segment contributed significantly, with net sales of $606.8 million, an increase of 7.6% year-over-year. However, the RF&S Components segment saw a slight decline in sales, totaling $9.7 million, primarily due to a less favorable product mix.
Operating income for the quarter was $51.0 million, a substantial turnaround from an operating loss of $10.2 million in Q3 2023. Net income for the quarter was reported at $14.3 million, compared to a net loss of $37.1 million in the same period last year. This resulted in basic earnings per share of $0.14, a significant improvement from a loss of $0.36 per share in Q3 2023.
The company’s total current assets increased to $1.52 billion as of September 30, 2024, up from $1.43 billion at the beginning of the year. Cash and cash equivalents also rose to $469.5 million, reflecting a healthy liquidity position. TTM Technologies reported total assets of $3.42 billion, with total stockholders’ equity increasing to $1.55 billion.
Strategically, TTM Technologies closed a new senior secured term loan of $346.5 million on August 1, 2024, with a lower interest rate compared to previous loans. The company is also investing in a new advanced technology PCB manufacturing facility in Syracuse, New York, with an estimated investment of $100 million to $130 million, supported by federal and state incentives.
In terms of operational adjustments, TTM Technologies announced a consolidation plan affecting three manufacturing facilities, which is expected to streamline operations without significant impact on financial performance. The company incurred restructuring charges of $26.6 million in Q3 2024 related to this plan.
Overall, TTM Technologies demonstrated a robust recovery in financial performance, driven by strategic growth in key markets and effective cost management.
About TTM TECHNOLOGIES INC
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.