TTM, M-Flex Report March EarningsFriday, May 3, 2013
Orange County’s largest printed circuit board makers reported earnings for the March quarter after the close of trading Thursday.
Costa Mesa-based TTM Technologies Inc. reported first quarter profits and revenue that beat Wall Street expectations and gave an outlook for the current quarter in line with estimates.
Its shares were up nearly 17% in afternoon trading Friday to a market value of $680.07 million.
TTM posted revenue of $325.4 million, up 8.2% from a year earlier.
Analysts on average had forecast sales of 320.4 million.
Adjusted profits came in at $10.7 million, down 43% from a year ago and above Wall Street expectations of $8.1 million.
TTM projects sales in the current quarter to be in the range of $320 million to $340 million, on the low end of analyst estimates of $340 million.
The company said adjusted profits would be between $6.55 million and $11.4 million, the latter figure at Wall Street expectations.
The Business Journal reported last month that TTM will cut its production capacity in China under a deal to swap production plants with another manufacturer.
Shares of Multi-Fineline Electronix Inc. were down about 1.5% to a market value of $365.01 million.
The Anaheim-based company reported revenue of $173.7 million in the March quarter, down 16% from a year ago and below Wall Street expectations.
Analysts on average had forecast sales of $188 million.
The company attributed the sales drop to less demand from key customers.
M-Flex posted a loss of $23 million, compared to net income of $12.4 million a year ago.
Wall Street had forecast a loss $11.41 million.
The company provided a sales target in the current quarter between $155 million and $185 million, below Wall Street expectations.
Consensus estimates forecast revenue of $198.6 million.
M-Flex continues to reduce inventory and production while it seeks a more diverse customer base, according to Chief Executive Reza Meshgin.
In the March quarter “newer customers comprised approximately 8% of sales and we expect this contribution to double” in the current quarter, he said.
TTM and M-Flex are both known suppliers to Apple Inc. and often track the Cupertino-based consumer electronics maker’s moves on the Nasdaq.
Apple's shares were up about 1% on Friday to a market value of $423.38 billion, after a better-than-expected April jobs report.