TTM Technologies Inc (NAS:TTMI)
$ 22.9 0.3 (1.33%) Market Cap: 2.33 Bil Enterprise Value: 2.75 Bil PE Ratio: 34.70 PB Ratio: 1.51 GF Score: 64/100
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Q2 2024 TTM Technologies Inc Earnings Call Transcript

Jul 31, 2024 / 05:00PM GMT
Release Date Price: $19.38 (-6.56%)

Key Points

Positve
  • TTM Technologies Inc (TTMI) reported non-GAAP earnings per share above the guided range, demonstrating solid year-on-year growth.
  • Revenues were above the guided range, marking the second consecutive quarter of year-on-year growth, driven by strong demand in aerospace, defense, and data center computing markets.
  • The company achieved a book-to-bill ratio of 1.11, with aerospace and defense at 1.26, indicating strong demand and future revenue visibility.
  • TTM Technologies Inc (TTMI) generated healthy cash flow from operations amounting to $41.9 million.
  • The company successfully refinanced its term loan, resulting in anticipated annual interest savings of approximately $1.7 million.
Negative
  • Year-over-year revenue declines were observed in the medical, industrial and instrumentation, automotive, and networking end markets.
  • Customer qualifications for the new Penang facility are taking longer than expected, delaying revenue generation and breakeven point.
  • The automotive market remains weak with lower program releases, reflecting a shift in demand dynamics.
  • The company continues to face challenges with labor shortages, particularly in ramping up operations at receiving facilities.
  • Penang facility operations posed a 170 basis point headwind to gross margin, impacting overall profitability.
Operator

Good afternoon. Thank you for standing by. Welcome to the TTM Technologies, Inc. second-quarter 2024 financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded today, July 31, 2024.

Sameer Desai, TTM's Vice President of Corporate Development and Investor Relations, will now review TTM's disclosure statement.

Sameer Desai
TTM Technologies Inc - Vice President - Corporate Development and Investor Relations

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 risks and uncertainties, including the risk factors that we provide in our filings with the Securities and Exchange Commission, which we encourage you to review. These forward-looking statements represent management's expectations and assumptions based on currently available information. TTM does not undertake any obligation to

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