Shares of Santa Ana’s TTM Technologies Inc., a contract circuit board maker, plunged Tuesday after the company gave an outlook for the current quarter that fell short of analysts’ expectations.
The stock dropped more than 10% in New York afterhours trading on a recent market value of about $545 million.
For the current quarter, TTM is looking for profits of $8 million to $11 million on sales of $163 million to $171 million.
Analysts are expecting profits of $12 million on sales of $178 million.
The worse-than-expected guidance comes on the heels of TTM’s second-quarter results.
The company reported sales of $173 million, up 7% from the same period a year ago and just shy of analysts’ expected $174 million.
Including a $3 million charge related to a loan repayment, TTM posted profits of $9 million, up 52% from a year earlier and in line with analysts’ expectations.
TTM makes circuit boards,internal parts that hold chips and other electronic components,for networking gear, computers, medical devices and aerospace parts.
About a third of TTM’s sales come from aerospace and defense work.
