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TTM Reports Strong Q4 and FY 2013 Results
February 5, 2014 | Globe NewswireEstimated reading time: 3 minutes
TTM Technologies, Inc., a major global PCB manufacturer, today reported results for the fourth quarter and fiscal year 2013, which ended December 30, 2013.
Fourth Quarter 2013 Highlights
- Net sales were $366.1 million.
- GAAP net income attributable to stockholders was $11.3 million, or $0.14 per diluted share.
- Non-GAAP net income attributable to stockholders was $22.1 million, or $0.27 per diluted share.
- Gross margin was 19.2%.
Fiscal Year 2013 Highlights
- Net sales were $1.4 billion.
- GAAP net income attributable to stockholders was $21.9 million, or $0.26 per diluted share.
- Non-GAAP net income attributable to stockholders was $51.3 million, or $0.62 per diluted share.
Fourth Quarter 2013 Financial Results
Net sales for the fourth quarter of 2013 were $366.1 million compared to $338.7 million in the third quarter of 2013 and $381.7 million in the fourth quarter of 2012. Fourth quarter 2012 revenue included $22 million of revenue from TTM's SYE plant, in which TTM sold its controlling equity interest during the second quarter of 2013.
GAAP operating income for the fourth quarter of 2013 was $29.3 million compared to an operating loss of $1.2 million in the third quarter of 2013 and operating income of $20.7 million in the fourth quarter of 2012.
GAAP net income attributable to stockholders for the fourth quarter of 2013 was $11.3 million, or $0.14 per diluted share. This compares to a GAAP net loss attributable to stockholders of $7.7 million, or $0.09 per share, in the third quarter of 2013 and net income of $13.7 million, or $0.17 per diluted share, in the fourth quarter of 2012.
On a non-GAAP basis, net income attributable to stockholders for the fourth quarter of 2013 was $22.1 million, or $0.27 per diluted share. This compares to non-GAAP net income attributable to stockholders of $11.6 million, or $0.14 per diluted share, for the third quarter of 2013 and $19.3 million, or $0.23 per diluted share, for the fourth quarter of 2012.
Adjusted EBITDA for the fourth quarter of 2013 was $58.4 million, or 16.0 percent of net sales, compared to adjusted EBITDA of $42.3 million, or 12.5% of net sales, for the third quarter of 2013 and $52.5 million, or 13.7% of net sales, for the fourth quarter of 2012.
"We delivered strong results for the fourth quarter as seasonal revenue growth combined with solid execution resulted in increases in gross margins and operating profit," said Tom Edman, CEO. "Revenue came in toward the high end of our guidance range and non-GAAP earnings were above our expectations for the quarter. Strong demand for our advanced HDI and rigid-flex PCBs used in smartphones, tablets and e-readers in particular drove our product mix shift toward advanced technology PCBs and brought our Asia Pacific factory utilization rates above 90%."
Full Year 2013 Financial Results
Net sales for fiscal year 2013 increased to $1.4 billion from $1.3 billion in fiscal year 2012.
GAAP operating income for fiscal year 2013 was $69.1 million, an increase from an operating loss of $142.0 million in fiscal year 2012. Included in operating results were charges for severance and asset impairments of $14.2 million in 2013 and non-cash charges for goodwill and other asset impairments of $218.4 million in 2012.
GAAP net income attributable to stockholders for fiscal year 2013 was $21.9 million, or $0.26 per diluted share, compared to a GAAP net loss of $174.6 million, or $2.13 per share, for fiscal year 2012.
On a non-GAAP basis, net income attributable to stockholders for fiscal year 2013 was $51.3 million, or $0.62 per diluted share. This compares to fiscal year 2012 non-GAAP net income attributable to stockholders of $69.8 million, or $0.85 per diluted share.
Adjusted EBITDA for fiscal year 2013 was $181.3 million, or 13.3 percent of net sales, compared to $190.6 million, or 14.1% of net sales, for fiscal year 2012.
"During 2013, we implemented a number of key initiatives to increase operational efficiencies and improve our margin profile. We believe actions such as the divesture of the SYE plant and the closure of the MAS facility will improve our cost structure over time," continued Edman.
"As we enter 2014, we expect a normal seasonal decline in our business in the first half of the year followed by an increase in the second half. Longer term, we believe we are well positioned to extend our leadership position in the PCB industry by delivering advanced technology to a broad customer base across diverse end markets," concluded Edman.
Business Outlook
Our first quarter 2014 guidance reflects the seasonal decline in business in our cell phone and computing end markets. For the first quarter of 2014, TTM estimates that revenue will be in the range of $290 million to $310 million, and non-GAAP earnings in the range of $0.03 to $0.09 per diluted share.
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.