TTM Technologies Inc (TTMI) Q3 2024 Earnings Call Highlights: Strong Revenue Growth and ...

GuruFocus.com11-01

Net Sales: $616.5 million in Q3 2024, up from $572.6 million in Q3 2023. GAAP Operating Income: $51 million in Q3 2024, compared to a loss of $10.2 million in Q3 2023. GAAP Net Income: $14.3 million ...

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GuruFocus has detected 5 Warning Sign with SCMWY.\n\nRelease Date: October 30, 2024\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.\n Positive Points \n\nTTM Technologies Inc (NASDAQ:TTMI) delivered strong operating margin performance due to higher revenues, favorable mix, and outstanding operational execution.\nRevenues were above the mid-point of the guided range, marking the third consecutive quarter of year-on-year growth, driven by demand from aerospace and defense and data center computing end markets.\nThe company achieved a book-to-bill ratio of 1.20, with aerospace and defense at 1.26 for the second consecutive quarter, indicating strong demand and a record program backlog of approximately $1.49 billion.\nTTM Technologies Inc (NASDAQ:TTMI) is making strategic investments, including a new automated PCB manufacturing facility in Penang, Malaysia, and an expansion of advanced technology capability in Syracuse, New York.\nThe company generated a healthy cash flow from operations of $65.1 million and maintained a solid balance sheet with a net debt to EBITDA leverage ratio of 1.4 times.\n\n Negative Points \n\nYear-over-year declines were observed in the medical, industrial, instrumentation, and automotive end markets, partially offsetting revenue growth.\nThe Penang facility has been a consistent drag on operating margins, impacting them by about 180 basis points, with break-even expected by mid-next year.\nForeign exchange losses of $17.8 million impacted the financial results, primarily due to the devaluation of the US dollar against local currencies in China and Malaysia.\nThe automotive end market remains challenged with continued inventory adjustments and soft demand, contributing to a decline in sales.\nThe expansion in Syracuse is not expected to have a significant financial impact until fiscal 2026, with minimal P&L impact next year.\n\n Q & A Highlights \nQ: Can you explain the foreign exchange impact on your financials? Is it a hedged or unhedged effect? A: It's an unhedged, non-cash impact from unrealized translation effects on our balance sheet, primarily due to the devaluation of the US dollar against local currencies in China and Malaysia. This is not a hedged effect.\nQ: How is the Penang facility affecting your financials, and what are your expectations for its performance? A: The Penang facility has been a consistent 180 basis points drag on our operating margins for the past few quarters. We expect this to continue in Q4, with significant revenue ramp-up anticipated in Q1 and Q2 of next year. We aim to reach break-even by mid-next year.\nQ: What percentage of your data center and computing revenue is from hyperscale customers and AI-related activities? A: Approximately 85% of our data center computing revenue is from hyperscale customers, driven significantly by Generative AI. This segment is primarily concentrated among four or five major customers.\nQ: What is the impact of the commercial aerospace strikes on your business? A: Our exposure to commercial aerospace is minimal, accounting for less than 2% of total company revenue. The 787 program, which is not affected by the strikes, continues to contribute to our revenue.\nQ: Can you provide details on the Syracuse expansion and its financial impact? A: The Syracuse expansion is primarily a fiscal 2026 story, with minimal P&L impact expected next year. The $100 million to $130 million investment does not include federal and state contributions.\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.This article first appeared on \nGuruFocus.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2480888137"}