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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 (NASDAQ:TTMI) announced the appointment of Ms. Pamela B. Jackson as a Class III director, pending approval from the United States Defense Counterintelligence and Security Agency. Ms. Jackson's extensive experience includes her role as Vice President of Technology at Emerson Electric Company, where she led product development and engineering initiatives. Her onboarding is expected to enhance TTM's Board capabilities, especially as the company aims to grow its design-to-specification business. Ms. Jackson holds multiple degrees, including from MIT and Boston University.
TTM Technologies, Inc. (NASDAQ: TTMI) announced the retirement of Robert E. Klatell as Chairman of the Board, in accordance with the mandatory retirement policy for Directors at age 75. Klatell served as a Director since 2004 and Chairman since 2005. Rex D. Geveden, appointed as the new Chairman, has been a Director since 2018 and is currently the President and CEO of BWX Technologies. His background in industrial technology and the aerospace sector is expected to enhance the Board’s capabilities as TTM focuses on strengthening its position in the PCB industry.
TTM Technologies, Inc. (Nasdaq: TTMI) has been honored with the "25-years Special Contribution Suppliers" award by United Automotive Electronic Systems Co., Ltd. (UAES) for its consistent support and quality in providing PCB solutions. This recognition highlights TTM's long-standing partnership with UAES, dating back to 1999, and its role in delivering innovative products and services. The award was presented at the UAES Supplier Conference on March 12, 2021. TTM aims to continue its collaborative growth with UAES while emphasizing its commitment to customer satisfaction.
SANTA ANA, Calif., May 10, 2021 – TTM Technologies, Inc. (NASDAQ:TTMI), a global leader in printed circuit boards and RF components, announced its management will attend several upcoming virtual investor conferences. Key events include: the Goldman Sachs Credit and Leveraged Finance Conference on May 17 at 2:55 PM ET, the Needham Technology and Media Conference on May 18 at 3:00 PM ET, and more. All presentations will be available for live streaming on the company's website, with replays accessible for a limited time.
TTM Technologies, Inc. (TTMI) reported first quarter fiscal 2021 net sales of $526.4 million, up from $497.6 million in Q1 2020. The company recorded a GAAP net loss of $3.2 million or ($0.03) per diluted share. Non-GAAP net income was $25.3 million, or $0.23 per diluted share, exceeding last year's $16.7 million. TTM generated $41.1 million in cash flow from operations and successfully completed a $500 million Senior Notes offering, enhancing its financial position. Looking ahead, TTM anticipates revenue between $525 million and $565 million for Q2 2021.
TTM Technologies, Inc. (NASDAQ:TTMI) will host a conference call on April 28, 2021, at 4:30 p.m. ET to discuss its first quarter fiscal year 2021 performance. The financial results will be available after market close on the same day. Investors can join the call by dialing 800-367-2403 or 334-777-6978 (ID 7087128). It will also be simulcast on TTM's website and accessible for a week post-event. TTM Technologies specializes in high-volume printed circuit boards and RF components, focusing on rapid product development and market entry.
TTM Technologies (NASDAQ:TTMI) has completed a $500 million private offering of 4.000% senior notes due 2029. The notes are senior unsecured obligations and guaranteed by TTM's subsidiaries. Alongside this, TTM announced the early settlement of its cash tender offer for 65.92% of its existing 5.625% senior notes due 2025, totaling $247.2 million. The company plans to use proceeds from the new notes to fund the redemption of the remaining existing notes, repay its U.S. asset-based revolving credit facility, and for general corporate purposes.
TTM Technologies, Inc. (NASDAQ:TTMI) announced the early tender results of its cash tender offer for its $375 million 5.625% Senior Notes due 2025 as of March 8, 2021. TTM successfully received valid tenders amounting to approximately $247.2 million, representing 65.92% of outstanding Notes before the early tender deadline. The company also solicited consents to amend the indenture, allowing a reduced notice period for redemption. The tender offer will expire on March 22, 2021, unless extended. TTM plans to use funds from a new $500 million debt offering to finance the purchase of the Notes.
TTM Technologies, Inc. (NASDAQ:TTMI) has priced $500 million in 4.000% senior notes due 2029 in a private offering exempt from registration. The sale is set to close on March 10, 2021. The notes will be senior unsecured obligations, guaranteed by TTM's subsidiaries. Proceeds will be used to purchase $375 million of existing senior notes due 2025, repay amounts under TTM's U.S. ABL Facility, and cover related expenses. The offering is available to qualified institutional buyers under Rule 144A.
TTM Technologies, Inc. (NASDAQ:TTMI) plans to offer $500 million in senior notes due 2029. The offering is exempt from registration and is aimed at qualified institutional buyers. Proceeds will be used to repurchase existing $375 million senior notes due 2025, redeem remaining notes, pay off the U.S. ABL Facility, and cover associated costs. This financing strategy is part of TTM's ongoing financial management to enhance liquidity and reduce debt obligations.
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