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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.
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.
Griffon Corporation (NYSE:GFF) has agreed to sell Telephonics Corporation to TTM Technologies, Inc. (NASDAQ:TTMI) for $330 million in cash. This transaction aims to enhance long-term shareholder value by strengthening Griffon's balance sheet and refocusing its resources on core businesses. The deal is expected to close in the second calendar quarter of 2022, pending regulatory approvals. Lazard and J.P. Morgan are serving as financial advisors for Griffon and TTM, respectively.
TTM Technologies (NASDAQ: TTMI) announced its agreement to acquire Telephonics Corporation for approximately $330 million in cash from Griffon Corporation. This acquisition aims to enhance TTM's capabilities in the Aerospace and Defense market by expanding its product offerings into engineered system solutions and surveillance communications. Expected benefits include deepening relationships with defense customers and an increase in revenues from the Aerospace and Defense segment, projected to reach 40% of total revenues, or about $1 billion. The deal is anticipated to be immediately accretive to non-GAAP EPS.
TTM Technologies, Inc. (NASDAQ:TTMI) is set to discuss its first quarter fiscal year 2022 performance during a conference call on May 4, 2022, at 4:30 p.m. ET. The company will release its financial results after market close on the same day. Investors can participate by dialing 888-220-8474 or 323-794-2588 for international access. The call will also be available for a week on the company's website. TTM Technologies specializes in advanced printed circuit boards and aims to reduce time-to-market for product development.
TTM Technologies (NASDAQ: TTMI) has enhanced its Xinger® brand by launching new high power couplers tailored for 5G MIMO and O-RAN applications. The new products, covering sub-6GHz 5G bands (1.7GHz – 6.3GHz) include models X4C20J1-03G to X4C55J1-03G, known for their compact size (2mm x 1.6mm) and superior performance with low insertion loss and 5W power handling. This expansion reflects TTM's commitment to meet customer demands for high-performance solutions. The couplers are available through authorized distributors including Richardson RFPD, Digi-Key, and Mouser.
TTM Technologies (NASDAQ: TTMI) announced plans to establish a new, automated printed circuit board (PCB) manufacturing facility in Penang, Malaysia. This initiative responds to customer demands for supply chain resilience and diversification, particularly in advanced multi-layer PCB sourcing. The $130 million investment is expected to yield $180 million in revenue by 2025, with production commencing in 2024. The facility aims to support commercial sectors like networking, medical, and industrial, enhancing TTM's competitive edge outside of China.
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