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Investing.com -- TTM Technologies , Inc. (NASDAQ:TTMI) saw its stock surge 18.8% after the technology solutions manufacturer reported first-quarter earnings that exceeded analyst expectations and provided upbeat guidance for the current quarter.
The company posted adjusted earnings per share of $0.50 for the first quarter, surpassing the analyst consensus of $0.39. Revenue came in at $648.7 million, beating estimates of $621.94 million and representing a 14% increase YoY.
TTM Technologies’ strong performance was driven by robust demand in its Aerospace and Defense, Data Center Computing, and Networking end markets, with the latter two benefiting from growth in generative AI applications.
For the second quarter, TTM forecasts revenue between $650 million and $690 million, with adjusted EPS projected to range from $0.49 to $0.55. The midpoint of this EPS guidance ($0.52) is above the analyst consensus of $0.48.
"We delivered a strong quarter with revenues and non-GAAP EPS above the high end of the guided range," said Tom Edman, CEO of TTM. "Non-GAAP operating margins were 10.5%, up 340 basis points year on year, and were double digit for the third consecutive quarter, reflecting continued solid execution, particularly in a normally challenging first quarter."
The company reported a book-to-bill ratio of 1.10 for the first quarter, indicating strong future demand. TTM’s Aerospace and Defense program backlog stood at $1.55 billion.
TTM Technologies’ first-quarter GAAP net income was $32.2 million, or $0.31 per diluted share, compared to $10.5 million, or $0.10 per diluted share, in the same period last year.
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