SANTA ANA, Calif., May 01, 2024 (GLOBE NEWSWIRE) -- TTM Technologies, Inc. (NASDAQ:TTMI), a leading global manufacturer of technology solutions including mission systems, radio frequency ("RF") components and RF microwave/microelectronic assemblies, quick-turn and technologically advanced printed circuit boards ("PCB"), today reported results for the first quarter 2024, which ended on April 1, 2024.   First Quarter 2024 Highlights Net sales were $570.1 million GAAP net income of $10.5 million, or $0.10 per diluted share Non-GAAP net income was $32.8 million, or $0.31 per diluted share Cash flow from operations was $43.9 million Repurchased 600,000 shares of common stock for $9.3 million at an average price of $15.56 per share First Quarter 2024 GAAP Financial Results Net sales for the first quarter of 2024 were $570.1 million, compared to $544.4 million in the first quarter of 2023. GAAP operating income for the first quarter of 2024 was $17.1 million compared to GAAP operating loss for the first quarter of 2023 of $3.5 million. GAAP net income for the first quarter of 2024 was $10.5 million, or $0.10 per diluted share, compared to GAAP net loss of $5.8 million, or ($0.06) per diluted share in the first quarter of 2023. First Quarter 2024 Non-GAAP Financial Results On a non-GAAP basis, net income for the first quarter of 2024 was $32.8 million, or $0.31 per diluted share. This compares to non-GAAP net income of $18.6 million, or $0.18 per diluted share, for the first quarter of 2023. Adjusted EBITDA in the first quarter of 2024 was $74.8 million, or 13.1% of sales compared to adjusted EBITDA of $58.5 million, or 10.7% of sales for the first quarter of 2023. "TTM reported Non-GAAP EPS that was above the high end of the guided range and demonstrated solid year on year growth due to improved mix and operational execution. Revenues were at the high end of the guided range and returned to year on year growth due to demand strength in our Aerospace and Defense and Data Center Computing end markets," said Tom Edman, CEO of TTM. "In addition, cash flow from operations was a healthy 7.7% of revenue enabling us to repurchase stock while maintaining a solid balance sheet with a net leverage ratio of 1.5x," concluded Mr. Edman. Business Outlook For the second quarter of 2024, TTM estimates that revenues will be in the range of $560 million to $600 million, and non-GAAP net income will be in the range of $0.32 to $0.38 per diluted share.   With respect to the Company's outlook for non-GAAP net income per diluted share, we are unable to predict with reasonable certainty or without unreasonable effort certain items that may affect a comparable measure calculated and presented in accordance with GAAP. Our expected non-GAAP net income per diluted share excludes primarily the future impact of restructuring actions, impairment charges, unusual gains and losses, and tax adjustments. These reconciling items are highly variable and difficult to predict due to various factors outside of management's control and could have a material impact on our future period net income per diluted share calculated and presented in accordance with GAAP. Accordingly, a reconciliation of non-GAAP net income per diluted share to a comparable measure calculated and presented in accordance with GAAP has not been provided because the Company is unable to provide such reconciliation without unreasonable effort. For the same reasons, TTM is unable to address the probable significance of the information. Live Webcast/Conference CallTTM will host a conference call and webcast to discuss first quarter 2024 results and the second quarter 2024 outlook on Wednesday, May 1, 2024, at 1:00 p.m. Eastern Time (10:00 a.m. Pacific Time). The conference call will include forward-looking statements. Access to the conference call is available by clicking on the registration link TTM Technologies, Inc. first quarter 2024 conference call. Registering participants will receive dial in information and a unique PIN to join the call. Participants can register at any time up to the start of the conference call. The conference call will also be simulcast on the company's website, and can be accessed by clicking on the link TTM Technologies, Inc. first quarter 2024 webcast.. The webcast will remain accessible for one week following the live event. To Access a Replay of the WebcastThe replay of the webcast will remain accessible for one week following the live event on TTM's website at TTM Technologies, Inc. first quarter 2024 webcast. About TTMTTM Technologies, Inc. is a leading global manufacturer of technology solutions including mission systems, RF components/RF microwave/microelectronic assemblies, quick-turn and technologically advanced PCBs. TTM stands for time-to-market, representing how TTM's time-critical, one-stop manufacturing services enable customers to shorten the time required to develop new products and bring them to market. Additional information can be found at www.ttm.com. Forward-Looking Statements The preliminary financial results included in this press release represent the most current information available to management. The company's actual results when disclosed in its Form 10-Q may differ from these preliminary results as a result of the completion of the company's financial closing procedures, final adjustments, completion of the review by the company's independent registered accounting firm, and other developments that may arise between now and the disclosure of the final results. This release contains forward-looking statements that relate to future events or performance. TTM cautions you that such statements are simply predictions and actual events or results may differ materially. These statements reflect TTM's current expectations, and TTM does not undertake to update or revise these forward looking statements, even if experience or future changes make it clear that any projected results expressed or implied in this or other TTM statements will not be realized. Further, these statements involve risks and uncertainties, many of which are beyond TTM's control, which could cause actual results to differ materially from the forward-looking statements. These risks and uncertainties include, but are not limited to, general market and economic conditions, including interest rates, currency exchange rates, and consumer spending, demand for TTM's products, market pressures on prices of TTM's products, warranty claims, changes in product mix, contemplated significant capital expenditures and related financing requirements, TTM's dependence upon a small number of customers, and other factors set forth in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's public reports filed with the SEC. About Our Non-GAAP Financial MeasuresTo supplement our consolidated condensed financial statements presented on a GAAP basis, this release includes information about TTM's adjusted EBITDA, non-GAAP net income and non-GAAP earnings per share, all of which are non-GAAP financial measures. TTM presents non-GAAP financial information to enable investors to see TTM through the eyes of management and to provide better insight into TTM's ongoing financial performance. A material limitation associated with the use of the above non-GAAP financial measures is that they have no standardized measurement prescribed by GAAP and may not be comparable to similar non-GAAP financial measures used by other companies. TTM compensates for these limitations by providing full disclosure of each non-GAAP financial measure and reconciliations below to the most directly comparable GAAP financial measure. However, the non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Contact:Sameer Desai,Vice President, Corporate Development & Investor - Tables Follow -   TTM TECHNOLOGIES, INC. Selected Unaudited Financial Information (In thousands, except per share data)                                           First Quarter           2024   2023                 CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS                           Net sales   $ 570,113     $ 544,437     Cost of goods sold     466,394       458,314                     Gross profit     103,719       86,123                     Operating expenses:             Selling and marketing     20,294       21,302       General and administrative     43,670       35,073       Research and development     7,321       7,085       Amortization of definite-lived intangibles     11,429       21,964       Restructuring charges     3,938       4,167         Total operating expenses     86,652       89,591                     Operating income (loss)     17,067       (3,468 )                   Interest expense     (12,324 )     (12,807 )   Gain on sale of subsidiary     -       1,339     Other, net     9,326       1,198                     Income (loss) before income taxes     14,069       (13,738 )   Income tax (provision) benefit     (3,603 )     7,924                     Net income (loss)   $ 10,466     $ (5,814 )                   Earnings (loss) per share:             Basic   $ 0.10     $ (0.06 )     Diluted     0.10       (0.06 )                   Weighted-average shares used in computing per share amounts:             Basic     101,952       102,381       Diluted     104,098       102,381                     Reconciliation of the denominator used to calculate basic earnings per share and diluted earnings per share:       Weighted-average shares outstanding     101,952       102,381     Dilutive effect of performance-based stock units, restricted stock units and stock options     2,146       -     Diluted shares     104,098       102,381