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TTM Technologies Q2 Net Sales Up 4%
August 2, 2013 | Globe NewswireEstimated reading time: 3 minutes
TTM Technologies, Inc., a major global PCB manufacturer, has reported results for the second quarter of 2013, which ended July 1, 2013.
Second quarter 2013 highlights:
- Net sales were $338.0 million;
- GAAP net income attributable to stockholders was $13.1 million, or $0.16 per diluted share;
- Non-GAAP net income attributable to stockholders was $7.7 million, or $0.09 per diluted share; and
- Non-GAAP gross margin was 14.4%.
Second Quarter 2013 Financial Results
Net sales for the second quarter of 2013 increased 3.9% to $338.0 million from $325.4 million in the first quarter of 2013 and 3.2% from $327.4 million in the second quarter of 2012.
GAAP operating income for the second quarter of 2013 was $28.3 million compared to operating income of $12.7 million in the first quarter of 2013 and $18.1 million in the second quarter of 2012.
Included in operating results for the second quarter of 2013 was a gain of $17.9 million resulting from TTM's sale of its equity interest in the SYE plant. Excluding this gain, operating income was $10.4 million.
GAAP net income attributable to stockholders for the second quarter of 2013 was $13.1 million, or $0.16 per diluted share. This compares to GAAP net income attributable to stockholders of $5.2 million, or $0.06 per diluted share, in the first quarter of 2013 and $7.4 million, or $0.09 per diluted share in the second quarter of 2012.
On a non-GAAP basis, net income attributable to stockholders for the second quarter of 2013 was $7.7 million, or $0.09 per diluted share. This compares to non-GAAP net income attributable to stockholders of $9.8 million, or $0.12 per diluted share, for the first quarter of 2013 and $13.8 million, or $0.17 per diluted share, for the second quarter of 2012.
Adjusted EBITDA for the second quarter of 2013 was $39.1 million, or 11.6 percent of net sales, compared to adjusted EBITDA of $41.5 million, or 12.7% of net sales, for the first quarter of 2013 and $45.1 million, or 13.8% of net sales, for the second quarter of 2012.
On June 17, 2013, TTM completed the transaction to sell its controlling equity interest in the SYE plant and to acquire the remaining equity interest in the DMC plant. The remaining portion of the cash settlement for this transaction is pending and expected to be completed during the third quarter of 2013. It will generate approximately $80 million net for TTM. This transaction reduces TTM's footprint for conventional PCBs in Asia Pacific and over time is expected to improve capacity utilization and gross margins.
"Overall results for the second quarter were in line with our guidance," said Kent Alder, CEO of TTM. "During the quarter, we experienced broad-based strength in our networking and communications end market in both Asia Pacific and North America. We saw some softness in our computing end market while our other end markets remained steady."
"Operating cash flow was strong in the second quarter. We generated $58.7 million in operating cash flow, which supports our growth initiatives through manufacturing capacity expansion and productivity enhancements. With the completion of the SYE and DMC transaction and expected normal seasonal strength in the third and fourth quarters, we believe that TTM is well positioned for improved margin performance in the second half of 2013," concluded Alder.
Business Outlook
For the third quarter of 2013, TTM estimates that revenue will be in the range of $335 million to $355 million, and non-GAAP earnings attributable to stockholders in a range from $0.13 to $0.19 per diluted share.
To Access a Replay of the Webcast
The replay of the webcast will remain accessible for one week following the live event on TTM Technologies' website at www.ttmtech.com.
About TTM
TTM Technologies, Inc. is a major global printed circuit board manufacturer, focusing on quick-turn and technologically advanced PCBs and the backplane and sub-system assembly business. TTM stands for time-to-market, representing how the company's time-critical, one-stop manufacturing services enable customers to shorten the time required to develop new products and bring them to market. Additional information can be found at www.ttmtech.com.