TTM Shares Drop on Q2 Miss, Trimmed OutlookWednesday, August 1, 2012
Shares of Santa Ana-based circuit board maker TTM Technologies Inc. were down by about 15% in early trading today to a market value of about $769 million.
The drop came after it missed Wall Street expectations on revenue and earnings for the second quarter and lowered its guidance for the current period.
TTM posted earnings of $13.6 million on sales of $327.4 million in the second quarter.
Wall Street had expected earnings of about $18.8 million.
"Second quarter revenue was within our expected range as sales increased following the normal seasonality we experienced in the first quarter,” said Chief Executive Kent Alder. “However, weaker than expected demand for advanced technology PCBs as well as higher labor costs in Asia impacted margins and earnings during the quarter.”
TTM said it expects earnings between $13.1 million and $19.6 million in the second quarter.
Wall Street had expected about $27 million.
TTM said it expects third-quarter sales between $340 million to $360 million, slightly below analyst expectations.