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TTM Technologies, Inc., a major global printed circuit board (PCB) manufacturer, today reported results for the second quarter 2015, which ended June 29, 2015. Results for the period reflect approximately one month of consolidated results from the acquisition of Viasystems Group, Inc., completed on June 1, 2015.
Second Quarter 2015 Highlights
- Completed the acquisition of Viasystems on June 1, 2015
- Net sales were $445.4 million
- GAAP net loss was $36.6 million, or $0.41 per share
- Non-GAAP net income was $14.9 million, or $0.17 per diluted share
Second Quarter 2015 Financial Results
Net sales for the second quarter of 2015 were $445.4 million compared to $329.2 million in the first quarter of 2015 and $297.6 million in the second quarter of 2014.
GAAP operating income for the second quarter of 2015 was a loss of $7.1 million compared to GAAP operating income of $8.3 million in the first quarter of 2015 and $3.2 million in the second quarter of 2014.
GAAP net loss for the second quarter of 2015 was $36.6 million, or $0.41 per share. This compares to GAAP net income of $3.4 million, or $0.04 per diluted share, in the first quarter of 2015 and a GAAP net loss of $3.1 million, or $0.04 per share, in the second quarter of 2014. The GAAP results were significantly impacted by approximately $46 million of expenses related to the acquisition of Viasystems.
On a non-GAAP basis, net income for the second quarter of 2015 was $14.9 million, or $0.17 per diluted share. This compares to non-GAAP net income of $10.8 million, or $0.13 per diluted share, for the first quarter of 2015 and $3.9 million, or $0.05 per diluted share, for the second quarter of 2014.
Adjusted EBITDA for the second quarter of 2015 was $59.7 million, or 13.4 percent of net sales, compared to adjusted EBITDA of $42.5 million, or 12.9 percent of net sales, for the first quarter of 2015 and $32.8 million, or 11 percent of net sales, for the second quarter of 2014.
"The second quarter results reflect the dramatic repositioning of the company as we successfully completed the Viasystems acquisition, which added $93 million of revenue in the quarter," said Tom Edman, CEO of TTM. "In addition, we delivered strong year-over-year organic revenue growth of 18% driven by continued robust demand in the cellular phone and networking end markets. Integration of Viasystems is progressing on plan as our combined TTM focuses on operational execution for our global customer base."
Mr. Edman continued, "We enter the third quarter excited about our significantly expanded position in the automotive market and continued strength in the aerospace and defense, medical, industrial and instrumentation, cellular phone and networking/telecom end markets. As one of the world's leading PCB manufacturers, we now have greater scale and diversity in our end markets and customer base."
For the third quarter of 2015, TTM estimates that revenue will be in the range of $640 million to $680 million, and non-GAAP net income will be in the range of $0.14 to $0.20 per diluted share.
TTM Technologies, Inc. is a major global printed circuit board manufacturer, focusing on quick-turn and technologically advanced PCBs, backplane assemblies and electro-mechanical solutions. TTM stands for time-to-market, representing how TTM'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.ttm.com.