TTM Sets Annual Revenue MarkTuesday, February 7, 2012
Santa Ana-based printed circuit board maker TTM Technologies Inc. today reported record sales of $1.4 billion in 2011, up 16% from a year earlier.
The company also reported fourth-quarter revenue and earnings that beat Wall Street expectations.
TTM reported sales of $361.5 million in the recently ended quarter, down 3.1% from a year earlier.
Analysts on average had forecast revenue of nearly $353 million.
Adjusted profits topped $27.7 million, down 30% from a year ago.
Wall Street was expecting adjusted profits of about $24.4 million.
The Asia Pacific market accounted for about 60% of the company’s sales, with the North American region accounting for the rest.
Sales in the fourth quarter were buoyed by demand for the company’s printed circuit boards used to make tablets, smartphones and e-readers, Chief Executive Kent Alder said.
“We expect this trend to continue,” Adler said.
The company gave an outlook for the current quarter on the low end of estimates.
TTM also said it plans to temporarily close a plant in China to repair and upgrade the facility.
The company expects to spend about $6 million to renovate the plant, with the project expected to be completed by the second quarter.
TTM projects revenue in each of the first and second quarters to decline by $3 million to $6 million because of the shut down.
TTM said revenue in the current quarter will be in the range of $310 million to $330 million.
Analysts on average are forecasting sales of nearly $330 million.
The company projects adjusted profits between $15.4 million and $22.7 million in the current quarter.
Wall Street forecasts adjusted profits of $22.7 million.
TTM shares traded slightly up Tuesday to a market value of nearly $1.1 billion on a relatively flat trading day on Wall Street.