The following is a summary of the TTM Technologies, Inc. (TTMI) Q3 2024 Earnings Call Transcript:
Financial Performance:
TTM Technologies reported Q3 2024 revenues of $616.5 million, a growth driven by the aerospace and defense and data center computing sectors.
GAAP operating income for Q3 2024 was $51 million compared to a GAAP operating loss of $10.2 million in Q3 2023.
Non-GAAP third quarter net income was $42.7 million, or $0.41 per diluted share.
Business Progress:
TTM has focused on strategic acquisitions and transformations in the aerospace and defense market, contributing over 50% of revenues in this sector from integrated electronic products.
Launch of a new highly automated PCB manufacturing facility in Penang, Malaysia aimed at servicing commercial end markets like data center computing and networking.
Announced consolidation plans to close three printed circuit board manufacturing facilities, aiming to improve operational efficiency and performance.
Broke ground on a new facility in Syracuse, New York dedicated to specialized high-technology PCB production for the aerospace and defense market, with expectation of production start in 2026.
Opportunities:
The aerospace and defense end market continues to show strong demand with a record program backlog of approximately $1.49 billion.
Significant growth in data center computing end market, specifically from products designed for Generative AI applications, is expected to continue driving revenues.
Risks:
Potential disruptions in supply chains and production due to strategic decisions to consolidate manufacturing facilities and move operations.
The automotive end market remains weak with declines attributed to inventory adjustments and reduced demand from several major customers.
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.
