TTM Technologies Inc. (Nasdaq: TTMI) soared 15% in after-hours trading after reporting results aided by artificial intelligence that surprised Wall Street.
Shares of the Santa Ana-based maker of printed circuit boards for the defense industry climbed to $28.40 each after closing at $24.78 and a $2.5 billion market cap during regular trading hours.
“Revenues reflected the fourth consecutive quarter of year-on-year growth due to demand strength in our Aerospace and Defense, Data Center Computing and Networking end markets, the latter two being driven by generative AI,” TTM Chief Executive Tom Edman said in a statement. “Operating margins were double-digit for the second consecutive quarter and reflected continued solid execution.”
The company reported fourth-quarter adjusted profit of 60 cents a share on revenue of $651 million, topping the 47 cents on sales of $630 million expected by analysts. TTM forecast first-quarter profit of 37 cents to 43 cents a share on revenue of $600 million to $640 million; analysts projected a 37-cent profit on sales of $604 million.
