SANTA ANA, CA – TTM Technologies reported second-quarter net sales of $173 million, down 1% over a year ago and in line with company
guidance. Net income was $9.4 million, down 35% sequentially. For the period ended June 30, gross margins fell 50 basis points sequentially to 21.1% but exceeded company
guidance. Operating income was $19.1 million, down from $24.4 million in the first quarter.
PWB manufacturing net sales were $149.6 million, up slightly over the first quarter. Backplane assembly net sales were $31.2 million, down $1.4 million.
President and CEO Kent Alder said, “The Aerospace/Defense end market showed continued strength, and we again saw strong demand for our high tech manufacturing services.”
Cash and cash equivalents at the end of the second quarter totaled $118.7 million, compared with $32.6 million at the end of the first quarter, thanks to a convertible debt offering the company completed during the quarter.
TTM guided for third-quarter revenues of $163 million to $171 million.