- TTM Technologies ( NASDAQ: TTMI ) shares surged 18% on Thursday after the printed circuit board manufacturer reported better-than-expected second quarter results and issued an upside earnings guidance for third quarter.
- Late Wednesday, the California-based firm reported adj. earnings per share of $0.54 and net sales of $625.6M (+10.3% Y/Y), both well above the high end of the firm's guided range. Adjusted EBITDA was $96.9M compared to $75.6M for the second quarter of 2021.
- CEO Tom Edman said, "We saw a significant improvement in both operating margins and cash flow in the quarter. The outperformance was driven by strength in our commercial end markets, improved product mix, and productivity improvements in North America."
- Outlook: The firm expects Q3 revenue in the range of $655M to $695M vs. $664.40M consensus. Non-GAAP net income is expected to be in the range of $0.41 to $0.47 per diluted share vs. $0.37 consensus .
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TTM Technologies stock gains on Q2 earnings beat, upside guidance