TTM Technologies Inc (TTMI) Reports Fiscal Third Quarter 2023 Results
TTM Technologies Inc (NASDAQ:TTMI) reported a decline in net sales from $671.1 million in Q3 2022 to $572.6 million in Q3 2023.
The company posted a GAAP net loss of $37.1 million, compared to a net income of $43.5 million in the same period last year.
Non-GAAP net income for Q3 2023 was $44.9 million, down from $57.9 million in Q3 2022.
TTM Technologies Inc (NASDAQ:TTMI) estimates Q4 2023 revenues to be in the range of $550 million to $590 million.
TTM Technologies Inc (NASDAQ:TTMI), a leading global manufacturer of technology solutions, announced its third quarter fiscal 2023 results on November 1, 2023. The company reported a decrease in net sales from $671.1 million in Q3 2022 to $572.6 million in Q3 2023. The GAAP operating loss for the third quarter of 2023 was $10.2 million, compared to a GAAP operating income of $49.8 million in the same period last year.
Financial Highlights
The company posted a GAAP net loss of $37.1 million, or ($0.36) per diluted share, compared to a GAAP net income of $43.5 million, or $0.42 per diluted share in the third quarter of 2022. On a non-GAAP basis, net income for the third quarter of 2023 was $44.9 million, or $0.43 per diluted share. This compares to non-GAAP net income of $57.9 million, or $0.56 per diluted share, for the third quarter of 2022.
Adjusted EBITDA in the third quarter of 2023 was $84.1 million, or 14.7% of sales compared to adjusted EBITDA of $102.5 million, or 15.3% of sales for the third quarter of 2022. The company's CEO, Tom Edman, commented,
Our Non-GAAP EPS was well above the guided range as a result of improved execution, particularly in our North America region and strength in our Data Center Computing end market."
Business Outlook
For the fourth quarter of 2023, TTM estimates that revenues will be in the range of $550 million to $590 million, and non-GAAP net income will be in the range of $0.34 to $0.40 per diluted share.
Financial Tables Summary
The company's balance sheet as of October 2, 2023, showed cash and cash equivalents, including restricted cash, of $408.3 million, and total current assets of $1.35 billion. Total equity stood at $1.5 billion. The company's gross margin for Q3 2023 was 19.8%, and the operating margin was -1.8%.
The company's end market breakdown for Q3 2023 showed Aerospace and Defense at 45%, Automotive at 15%, Data Center Computing at 17%, Medical/Industrial/Instrumentation at 16%, and Networking at 7%.
Conclusion
Despite the challenges faced in the third quarter of 2023, TTM Technologies Inc (NASDAQ:TTMI) remains optimistic about its performance in the fourth quarter. The company's focus on improving execution and strengthening its market position in North America and the Data Center Computing end market is expected to drive its future growth.
Explore the complete 8-K earnings release (here) from TTM Technologies Inc for further details.
This article first appeared on GuruFocus.
