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TTM Technologies Inc (NASDAQ: TTMI) is a leading global manufacturer specializing in advanced technology solutions. Based in the United States, the company operates with a significant global footprint, employing over 30,000 individuals across various factories and offices worldwide. TTM stands for 'Time-To-Market,' reflecting the company's commitment to providing time-critical, one-stop manufacturing services that enable customers to bring new products to market more swiftly.
TTM Technologies focuses on manufacturing printed circuit boards (PCBs), which are essential components in a wide array of products, from cutting-edge smartphones to advanced radar systems used in military aircraft and ships. The company operates in two main segments: Printed Circuit Boards and RF&S Components. The Printed Circuit Boards segment, which generates the majority of TTM's revenue, offers a diverse range of PCBs, along with layout design, simulation, and testing services. The RF&S Components segment specializes in radio frequency (RF) components, RF microwave, and microelectronic assemblies, supporting industries such as aerospace, telecommunications, and medical fields.
TTM Technologies has achieved notable success in various markets, including networking, telecommunications, computing, aerospace, and medical fields. The company's recent achievements include the groundbreaking for a new high-tech manufacturing facility in Syracuse, New York, which is expected to bring an estimated 400 new jobs and support the domestic production of ultra-high density interconnect (HDI) PCBs, crucial for national security requirements.
Financially, TTM reported net sales of $572.6 million for the third quarter of 2023. Despite a slight decrease from previous years, the company exhibited strong performance in non-GAAP measures, with net income of $44.9 million. Additionally, TTM has demonstrated a solid balance sheet, enabling stock repurchase while maintaining a net leverage ratio of 1.5x. For the fourth quarter of 2023, the company projects revenues between $550 million and $590 million.
In terms of partnerships and projects, TTM continues to collaborate closely with New York State to fortify its position as a premier technology hub. The company's investment in the Syracuse facility aligns with New York's emphasis on bolstering the U.S. electronics sector, supporting federal initiatives like the Tech Hub designation for the Buffalo-Rochester-Syracuse area.
Looking ahead, TTM Technologies remains focused on expanding its capabilities and market presence, leveraging its robust infrastructure and skilled workforce to drive innovation and growth in the technology manufacturing sector. With ongoing projects and a commitment to sustainability and efficiency, TTM is poised to remain a key player in the global technology landscape.
On February 23, 2021, TTM Technologies, Inc. (NASDAQ: TTMI) launched a tender offer to purchase all outstanding $375 million of its 5.625% Senior Notes due 2025. Concurrently, the company is soliciting consents to amend the indenture governing the Notes, aiming to shorten the optional redemption notice from 30 days to 3 business days. The Tender Offer will expire at midnight on March 22, 2021, unless extended. Holders of validly tendered Notes will also receive accrued and unpaid interest. The offer is contingent on TTM satisfying certain conditions, including securing New Debt Financing.
TTM Technologies, Inc. (NASDAQ:TTMI) has announced a share repurchase program with an authorization of up to $100 million to buy back its outstanding common stock until February 3, 2023. President and CEO Tom Edman emphasized that this decision is a prudent use of capital, reflecting TTM's strategic and operational advancements and strong balance sheet. The repurchase will be executed based on management's discretion regarding liquidity and market conditions.
TTM Technologies, Inc. (TTMI) reported a strong fourth quarter of fiscal 2020, with net sales of $523.8 million, up from $535.7 million in Q4 2019. The company achieved a GAAP net income of $39.0 million or $0.34 per diluted share. Non-GAAP net income was $40.2 million, representing a 46.6% increase year-over-year. TTM's cash flow from operations was $55.5 million, and they successfully repaid $250 million in convertible bonds, reducing their leverage ratio to 1.4x. For Q1 2021, TTM forecasts revenue between $490 million and $530 million.
TTM Technologies, Inc. (NASDAQ: TTMI) has been awarded the prestigious 2020 EXFO World-Class Supplier title, recognizing its excellence in various performance categories such as on-time delivery and quality. The award reflects TTM's commitment to customer satisfaction and operational efficiency.
Kent Hardwick, Senior Vice President of Global Sales and EMS, emphasized the importance of this recognition and the company's dedication to enhancing its partnership with EXFO, a key customer in the telecom sector.
TTM Technologies, Inc. (NASDAQ:TTMI) will host a conference call on February 3, 2021, at 4:30 p.m. Eastern Time to discuss its fourth quarter and fiscal year 2020 performance. The financial results will be released after market close on the same day. Interested parties can access the call by dialing 800-458-4121 or internationally at 323-794-2093. The event will also be streamed on TTM's website, remaining available for a week post-event. TTM is a leading manufacturer of printed circuit boards, emphasizing quick-turn and volume production.
TTM Technologies announced its participation in several upcoming virtual investor conferences in January and March 2021. The events include:
- The Needham Growth Conference on January 12 at 11:30 AM ET;
- The Cowen Aerospace/Defense and Industrials Conference on February 9 at 2:20 PM ET;
- The J.P. Morgan Global High Yield and Leveraged Finance Conference on March 1 at 4:15 PM ET;
- The Truist Securities Technology, Internet & Services Conference on March 9.
All presentations will be webcast live on TTM's website, with replays available shortly after.
TTM Technologies (NASDAQ:TTMI) has successfully repaid its 1.75% Senior Convertible Notes totaling approximately $250 million on December 15, 2020. This was achieved through a Combination Settlement, resulting in the delivery of about 5.3 million shares of Common Stock to noteholders opting for conversion. TTM's financial discipline has enabled it to repay $400 million of its Term Loan B in July 2020. With no outstanding convertible bond obligations, TTM's balance sheet is strengthened, positioning the company favorably for future growth.
TTM Technologies (NASDAQ: TTMI) announced its participation in the 2020 International Electronics Circuit Exhibition in Shenzhen, China, from December 2-4. The event focuses on 5G and smart technology, featuring TTM's interactive presentations on PCB capabilities in telecom, signal integrity for 5G, and applications in ADAS. TTM introduced a 'beyond boundaries' exhibition solution to engage customers unable to attend due to COVID-19, showcasing their innovative technologies. Senior VP Kent Hardwick emphasized TTM's commitment to meeting customer needs through unique solutions.
TTM Technologies, Inc. (NASDAQ: TTMI), a top printed circuit board and RF components manufacturer, announced its management team will participate in three upcoming investor conferences. The conferences include the Baird Global Industrial Conference on November 12, 2020, at 3:10 PM ET, the Stifel Midwest One-on-One Growth Conference on the same day, and the Barclays Global Technology, Media and Telecom Conference on December 10, 2020. Live webcasts of these presentations will be available on TTM's website, with replays accessible for a limited time.
TTM Technologies, Inc. (TTMI) reported a net loss of $41.5 million for Q3 2020, reflecting a significant decline from a net income of $15.9 million in Q3 2019. Net sales were $513.6 million, down from $534.2 million a year prior. The company's non-GAAP net income increased to $26.8 million, or $0.25 per diluted share, compared to $23.2 million, or $0.22 per diluted share, in the same quarter last year. The company has provided a revenue outlook for Q4 2020 between $490 million and $530 million. TTM's leverage ratio stands at 1.6x as of September 28, 2020.
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