TTM Technologies, Inc. (TTMI) swung to a net profit for the quarter ended Sep. 26, 2016. The company has made a net profit of $25.58 million, or $ 0.23 a share in the quarter, against a net loss of $2.24 million, or $0.02 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $40.14 million, or $0.39 a share compared with $23.84 million or $0.24 a share, a year ago. Revenue during the quarter went down marginally by 1.58 percent to $641.72 million from $652 million in the previous year period. Gross margin for the quarter expanded 340 basis points over the previous year period to 17.07 percent. Total expenses were 92.17 percent of quarterly revenues, down from 96.38 percent for the same period last year. This has led to an improvement of 421 basis points in operating margin to 7.83 percent.
Operating income for the quarter was $50.23 million, compared with $23.60 million in the previous year period.
However, the adjusted operating income for the quarter stood at $61.27 million compared to $44.97 million in the prior year period. At the same time, adjusted operating margin improved 265 basis points in the quarter to 9.55 percent from 6.90 percent in the last year period.
"Our third quarter revenues matched our expectations while profitability was better than forecast driving earnings to the highest level in years," said Tom Edman, chief executive officer of TTM. "Strong operational execution drove non-GAAP earnings above the high end of our guidance. Sequentially, a sharp acceleration in the cellular end market more than offset modest declines in the networking and communications end market, demonstrating the benefits of diversification."
For the fourth-quarter 2016, TTM Technologies, Inc. forecasts revenue to be in the range of $650 million to $690 million. On an adjusted basis, the company expects diluted earnings per share to be in the range of $0.42 to $0.48.
Debt comes down
TTM Technologies, Inc. has recorded a decline in total debt over the last one year. It stood at $1,081.85 million as on Sep. 26, 2016, down 9.93 percent or $119.25 million from $1,201.10 million on Sep. 28, 2015. Total debt was 41.49 percent of total assets as on Sep. 26, 2016, compared with 44.97 percent on Sep. 28, 2015. Debt to equity ratio was at 1.27 as on Sep. 26, 2016, down from 1.45 as on Sep. 28, 2015. Interest coverage ratio improved to 2.66 for the quarter from 1.12 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
