Revenue at printed circuit board maker TTM Technologies Inc. is returning to “year-on-year growth” due to demand strength in aerospace and defense and data center computing end markets, TTM Chief Executive Tom Edman said in a May 1 statement.
The company reported first-quarter sales climbed 4.7% to $570.1 million and non-GAAP profit per share of 31 cents, topping the $552 million and 27 cents share expected on average by analysts.
TTM (Nasdaq: TTMI) forecast second-quarter revenue from $560 million to $600 million, implying a growth rate around 2.5% to 9.8%. Non-GAAP profit per share will be from 32 cents to 38 cents, compared with 32 cents in the year-ago period.
The company said 2023 was “a challenging year” as it experienced declines in its commercial end markets and revenue dropped 11% to $2.2 billion, while its EBITDA profit fell 13% to $298.2 million.
Last year, the company closed printed circuit board manufacturing in Anaheim and two other sites and consolidated them into TTM’s remaining facilities.
Shares in the Santa Ana-based company closed at $17.31 apiece as of May 3, close to their 52-week high.
New Facility
The week before the first-quarter results were released, TTM opened its first manufacturing plant in Penang, Malaysia, with an investment of $200 million.
The company said the facility will improve its supply chain, employ 1,000 and generate about $180 million annually in revenue. The plant is customized to support production for various commercial end markets, including networking, data center computing, medical, industrial and instrumentation.
