Q1 2024 TTM Technologies Inc Earnings Call Transcript
Key Points
- TTM Technologies Inc (TTMI) reported non-GAAP earnings per share above the high end of the guided range, demonstrating solid year-on-year growth.
- Revenues were at the high end of the previously guided range, showing a return to year-on-year growth driven by strong demand in aerospace and defense and data center computing markets.
- The aerospace and defense market, which constituted 46% of revenues, continues to show solid demand with a positive book-to-bill ratio and a substantial program backlog of approximately $1.38 billion.
- The new highly automated PCB manufacturing facility in Penang, Malaysia, is progressing well with ongoing customer audits and qualification sampling, expected to contribute to revenues in the second half of the year.
- TTM Technologies Inc (TTMI) successfully consolidated manufacturing operations by closing three facilities, which is expected to improve plant utilization, operational performance, and profitability.
- Lower than expected results from the medical, industrial and instrumentation, and automotive end markets partially offset the revenue growth.
- The automotive market experienced a year-over-year decline due to continued inventory adjustments and soft demand at several customers.
- Networking end market demand remained soft as customers continued to focus on inventory digestion, contributing only 6% of revenue.
- PCB capacity utilization in Asia Pacific and North America remained relatively low, indicating underutilization of manufacturing capabilities.
- Operational challenges including supply chain issues continue to impact the aerospace and defense segment, creating a headwind of about $8 million quarterly.
Thank you for standing by, and welcome to the TTM Technologies first quarter 2024 financial results conference call. During today's presentation, all parties will be in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. (Operator Instructions) Please be advised that today's conference is being recorded on May 1, 2024.
I would now like to turn the conference over to your host, Mr. Sameer Desai, TTM's Vice President of Corporate Development and Investor Relations who'll now review TTM's disclosure statement.
Thank you. Before we get started, I would like to remind everyone that today's call contains forward-looking statements, including statements related to TTM's future business outlook. Actual results could differ materially from these forward-looking statements due to one or more risk and uncertainties, including the risk factors we provide in our filings with the Securities and Exchange Commission, which we
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