TTM Technologies (TTMI) Tops Q1 EPS by 5c

TTM Technologies (NASDAQ: TTMI) reported Q1 EPS of $0.14, $0.05 better than the analyst estimate of $0.09. Revenue for the quarter came in at $583.3 million versus the consensus estimate of $584.97 million.

GUIDANCE:

TTM Technologies sees Q2 2016 EPS of $0.16-$0.22, versus the consensus of $0.18. TTM Technologies sees Q2 2016 revenue of $580-620 million, versus the consensus of $607.4 million.

“Our first quarter results marked a solid start to the year and demonstrated the benefits of our diversification initiative,” said Tom Edman, CEO of TTM. “Strong operational execution across all of our business units drove non-GAAP earnings above the high end of our guidance. Relative strength in the aerospace and defense, automotive and computing end markets helped offset a softer demand environment in the cellular phone end market.”

“We continue to deliver on our integration milestones and have now implemented or announced actions that represent more than 90% of our $55 million annualized synergy target. The new market focused business unit structure put in place at the beginning of the year has already begun to yield operational benefits. We believe a larger and more diverse TTM with focus on key end markets such as Aerospace & Defense and Automotive is an important differentiator in the PCB market,” concluded Mr. Edman.

For earnings history and earnings-related data on TTM Technologies (TTMI) click here.

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