TTM Technologies, Inc. (TTMI) swung to a net profit for the quarter ended Apr. 03, 2017. The company has made a net profit of $32.96 million, or $ 0.28 a share in the quarter, against a net loss of $7.26 million, or $0.07 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $39.19 million, or $0.37 a share compared with $13.85 million or $0.14 a share, a year ago. Revenue during the quarter grew 7.20 percent to $625.25 million from $583.26 million in the previous year period. Gross margin for the quarter expanded 247 basis points over the previous year period to 16.80 percent. Total expenses were 91.59 percent of quarterly revenues, down from 96.76 percent for the same period last year. This has led to an improvement of 517 basis points in operating margin to 8.41 percent.
Operating income for the quarter was $52.57 million, compared with $18.90 million in the previous year period.
However, the adjusted operating income for the quarter stood at $61.27 million compared to $33.04 million in the prior year period. At the same time, adjusted operating margin improved 413 basis points in the quarter to 9.80 percent from 5.67 percent in the last year period.
“TTM delivered strong organic year on year growth in the first quarter of 7 percent, near the high end of our guidance, and profitability which exceeded our forecast" said Tom Edman, chief executive officer of TTM. “On a year over year basis, most end markets grew, with the fastest growth coming from the cellular, computing and aerospace and defense end markets. This growth, along with strong operational execution, resulted in non-GAAP EPS above the high end of our guidance. These results represent the highest revenue and EBITDA for a first quarter in the history of the company."
For the second-quarter, TTM Technologies, Inc. projects revenue to be in the range of $605 million to $645 million. On an adjusted basis, the company forecasts diluted earnings per share to be in the range of $0.31 to $0.37 for the second-quarter.
Working capital decreases marginallyTTM Technologies, Inc. has witnessed a decline in the working capital over the last year. It stood at $305.71 million as at Apr. 03, 2017, down 1.32 percent or $4.09 million from $309.80 million on Mar. 28, 2016. Current ratio was at 1.42 as on Apr. 03, 2017, down from 1.52 on Mar. 28, 2016. Cash conversion cycle (CCC) has decreased to 25 days for the quarter from 54 days for the last year period. Days sales outstanding went down to 64 days for the quarter compared with 69 days for the same period last year.
Days inventory outstanding has decreased to 24 days for the quarter compared with 49 days for the previous year period. At the same time, days payable outstanding went down to 63 days for the quarter from 64 for the same period last year.
Debt comes down
TTM Technologies, Inc. has recorded a decline in total debt over the last one year. It stood at $1,022.05 million as on Apr. 03, 2017, down 7.27 percent or $80.17 million from $1,102.22 million on Mar. 28, 2016. Total debt was 40.39 percent of total assets as on Apr. 03, 2017, compared with 44.16 percent on Mar. 28, 2016. Debt to equity ratio was at 1.17 as on Apr. 03, 2017, down from 1.35 as on Mar. 28, 2016. Interest coverage ratio improved to 3.87 for the quarter from 0.87 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
