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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.
TTM Technologies, Inc. (NASDAQ:TTMI) is set to host a conference call on May 3, 2023, at 4:30 p.m. ET to discuss its first quarter fiscal year 2023 performance.
The company will also release its financial results after the market closes on the same day. Access to the conference call will be available through a registration link and can be simulcast on the company's website, remaining accessible for one week post-event.
TTM Technologies is recognized as a leading global manufacturer of technology solutions, including engineered systems and advanced PCBs, emphasizing time-to-market in its service delivery.
TTM Technologies, Inc. (NASDAQ: TTMI) announced a definitive agreement to sell its Shanghai Backplane Assembly (BPA) facility to DBG Holdings Limited for approximately $11.8 million, expected to close by the end of Q1 2023. The Shanghai BPA, which generated $44.7 million in revenues but minimal operating income in 2022, aligns with TTM's strategy to reshape its core portfolio for long-term profitability. The divestiture allows TTM to focus on differentiated capabilities in sectors such as Aerospace & Defense, automotive, and medical markets, while ensuring support for the Shanghai BPA employees and customers until the closing date.
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