SANTA ANA, CA -- TTM Technologies today reported second quarter net sales of $625.6 million, up 10.4% from $567.4 million in 2021.
GAAP net income was $27.8 million, and non-GAAP net income was $55.3 million. A year ago, the company had GAAP net income of $28.3 million and non-GAAP net income of $40.9 million.
Adjusted EBITDA was $96.9 million compared to $75.6 million for the second quarter of 2021. The printed circuit board fabricator recorded operating cash flow of $79.3 million and free cash flow of $52.9 million.
Its second quarter acquisition of Telephonics was immaterial to the results.
“In the second quarter, TTM delivered robust growth in revenues and non-GAAP earnings, both well above the high end of the guided range,” said Tom Edman, CEO, TTM. “We saw a significant improvement in both operating margins and cash flow in the quarter. The outperformance was driven by strength in our commercial end markets, improved product mix, and productivity improvements in North America.”
“We also took a major step to advance our strategy of differentiation with the closing of the acquisition of Telephonics. This provides TTM with engineered system-level solutions for the Aerospace and Defense end market and expands our capabilities and service offerings while moving TTM further up the value chain. Post this transaction, which was entirely funded from balance sheet cash, our net leverage stands at a healthy 2.2x. Going forward, the Aerospace and Defense end market will represent approximately 40% of our revenues, providing growth and stability and reduced sensitivity to business cycles across the TTM portfolio. Finally, we broke ground on a new manufacturing facility in Malaysia which enables TTM to offer our customers a regional alternative for high volume, high layer count PCBs to meet their supply chain resiliency requirements.”
TTM estimates third quarter revenue in the range of $655 million to $695 million.