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Thursday, Jan 26, 2023
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TTM Down on Q1 Outlook

Shares of TTM Technologies Inc. declined about 3% to a $1.5 billion market cap after the Costa Mesa-based company provided an outlook on adjusted profits this quarter that were below Wall Street expectations.

The country’s largest circuit board maker said yesterday after markets close its non-GAAP net income would be $22.3 million to $28.5 million, below the consensus of $36.6 million targeted by analysts at Yahoo Finance.

Its revenue guidance of $610 million to $660 million was in line with forecasts.

The outlook came in the company’s fourth-quarter and year-end earnings report.

TTM topped Wall Street estimates in the prior quarter with revenue of $739.3 million, up 4.6% year-over-year, and an adjusted profit of $61.2 million, up 2.3%.

For the year, it posted revenue of $2.7 billion, up 4.9% over2016, and an adjusted profit of $167.1 million, up 17.4%.

Its circuit boards are used in a wide range of applications, from iPhones to defense systems and electric vehicles.

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