Ttm Technologies Inc - TTMI STOCK NEWS

Griffon Corporation (NYSE:GFF) reported a strong fiscal third quarter ending June 30, 2022, with revenue reaching $768.2 million, up 31% from $584.2 million last year. Adjusted income from continuing operations hit a record $66.5 million ($1.23 per share), compared to $20.8 million ($0.39 per share) in the prior year. The company initiated a review of strategic alternatives, including a potential sale. Griffon also prepaid $300 million of its Term Loan B credit facility and declared a special dividend of $2.00 per share in July 2022, contributing to total dividends of $2.36 per share for the fiscal year.

TTM Technologies, Inc. (NASDAQ:TTMI) will host a conference call on August 3, 2022, at 4:30 p.m. ET to review its second quarter fiscal year 2022 performance. The call will be accessible by phone and live-streamed on the company's website, with a recording available for one week afterward. Prior to the call, TTM Technologies will release its second-quarter financial results after market close on the same day. TTM is recognized for its advanced printed circuit boards and assemblies, emphasizing rapid manufacturing and efficient time-to-market services.

TTM Technologies, Inc. (NASDAQ: TTMI) has introduced new high power density resistors within its RF & Specialty Components unit. The new products handle RF power from 100 to 150 Watts and include the models CW, A100N50X4A, E125N50X4, and E150N50X4. These resistors are designed for efficiency and reliability, targeting applications in industrial and test measurement markets. Available through TTM or its distributors, these advancements expand TTM's portfolio of termination resistors and attenuators, further solidifying its presence in the RF market.

TTM Technologies (NASDAQ: TTMI) has acquired Telephonics Corporation for approximately $330 million in cash, enhancing its capabilities in the Aerospace and Defense market. This strategic acquisition allows TTM to expand its product offerings and improve its position in surveillance and communications. The deal is expected to generate approximately $12 million in annual cost synergies by the end of 2024 and be immediately accretive to non-GAAP EPS. TTM plans to finance the acquisition using its substantial cash reserves of $519.1 million as of Q1 2022.

Griffon Corporation (NYSE:GFF) has successfully completed the sale of Telephonics Corporation to TTM Technologies, Inc. (NASDAQ:TTMI) for $330 million in cash. This significant transaction aims to unlock immediate value for Griffon's shareholders while enhancing the company's balance sheet. Ronald J. Kramer, Chairman and CEO of Griffon, expressed optimism about the future of Telephonics under TTM's ownership, highlighting its long-standing history with Griffon. Lazard and J.P. Morgan acted as financial advisors for the respective companies involved.

SANTA ANA, Calif., May 19, 2022 – TTM Technologies (NASDAQ:TTMI) announced its management team will attend several upcoming investor conferences. Key events include the Barclays High Yield Bond Conference on May 24, the J.P. Morgan Technology Conference on May 25 at 9:20 am ET, the virtual Craig-Hallum Conference on June 1, and the UBS Global Industrials Conference on June 7 at 4:20 pm ET. The Baird Conference is set for June 8 at 3:10 pm ET, followed by the Stifel Conference on June 9 at 3:00 pm ET. All presentations will be webcast live on TTM's website.

TTM Technologies, Inc. (TTMI) reported a strong first quarter for fiscal 2022, with net sales of $581.3 million, up from $526.4 million in the same period last year. GAAP net income reached $17.2 million or $0.17 per diluted share, a turnaround from a net loss of $3.2 million in Q1 2021. The company also announced plans for a greenfield production facility in Malaysia and an agreement to acquire Telephonics Corporation, enhancing its capabilities in aerospace and defense. The outlook for Q2 2022 revenue is projected between $580 million and $620 million.

Griffon Corporation (NYSE:GFF) reported second quarter fiscal 2022 results with revenue reaching $779.6 million, up 36% year-over-year. Excluding the Hunter acquisition, revenue increased 23% to $708.8 million. Income from continuing operations surged to $58.6 million, or $1.10 per share. Adjusted EBITDA also rose significantly to $139.6 million, a 113% increase from the prior year. The Company announced plans to sell Telephonics to TTM Technologies for $330 million. Future investments are expected to yield annual savings of $25 million. The Company maintains a robust cash position with $122.3 million in cash and a net debt of $1.84 billion.

TTM Technologies has commenced the construction of a new manufacturing plant in Penang, Malaysia, with a capital investment of $130 million planned through 2025. This facility aims to enhance supply chain resiliency and diversification beyond China, catering to advanced technology PCB demands. The plant is expected to generate approximately $180 million in run-rate revenue by 2025, with construction slated for completion in 12 to 15 months. TTM's expansion reflects a response to customer needs for improved operational capabilities.