Shares of Santa Ana’s TTM Technologies Inc., a maker of printed circuit boards, soared on Thursday after the company boosted its outlook for the fourth quarter.
The company’s stock closed up more than 21% on a recent market value of $1.4 billion.
TTM said it’s expecting to post profits of $36 million to $40 million, up from a previous forecast of $28 million to $34 million in profits.
The company is looking for fourth quarter sales of $375 million to $378 million, up from a prior outlook of $351 million to $367 million.
Wall Street analysts, on average, are expecting TTM to report profits of $31 million on sales of $361 million.
The company said the better-than-expected outlook is due to “greater demand for its high technology products.”
Wall Street’s been paying renewed attention to TTM now that it’s seeing the fruits of an acquisition that doubled its size, boosted profits, paved the way into new markets and provided a bigger foothold in Asia.
TTM’s shares are up 47% in the past three months.
The strong run tracks back to April, when TTM wrapped up its buy of the circuit board business of Hong Kong’s Meadville Holdings Ltd. for $521 million.
TTM’s boards go into networking gear used by corporations and for industrial uses. Its top customers are Cisco Systems Inc., Apple Inc., IBM Corp., LM Ericsson and Huawei Technologies Co.
The company is set to report results on Feb. 10.
