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Tuesday, Mar 19, 2024
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TTM Shares Fall on Q3 Outlook

A warning for the current quarter sent shares of Santa Ana circuit board maker TTM Technologies Inc. down more than 15% last week.

The news came as TTM reported lower profits for the second quarter.

TTM said profits fell 43% from a year earlier to $6 million. Sales more than doubled to $162 million after its October buy of Tyco International Ltd.’s printed circuit board business.

The second-quarter results were in line with expectations. Investors had expected the lower profit with TTM’s closure of its Dallas facility and a temporary slowdown in orders from a key networking customer.

The company, which has a market value of $550 million, spooked Wall Street with a lower outlook for the current quarter.

TTM now expects third-quarter profits of $5.9 million to $8.4 million, versus Wall Street’s expected $8.9 million.

The company forecasts sales of $160 million to $168 million.

Analysts were expecting $170 million.

Demand for circuit boards by computer makers “remains soft,” Chief Executive Kent Alder said.

TTM also is seeing falling prices for circuit boards and “pockets of weakness” in its businesses, Alder said.

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