TTM Technologies, Inc. (NASDAQ: TTMI) found its stock pretty much unchanged Wednesday, as the company, a leading global manufacturer of technology solutions including mission systems, radio frequency components and RF microwave/microelectronic assemblies, and printed circuit boards, today reported results for the second quarter fiscal 2023.
Second-Quarter 2023 Highlights: Net sales were $546.5 million; GAAP net income of $6.8 million, or $0.07 per diluted share; Non-GAAP net income was $33.0 million, or $0.32 per diluted share. The company also completed refinancing of Term Loan B, US Asset Backed Revolving Credit Facility, and Asia ABL facility, and completed shutdown of Hong Kong manufacturing facility
Net sales for the second quarter of 2023 were $546.5 million, compared to $625.6 million in the second quarter of 2022.
GAAP operating income for the second quarter of 2023 was $21.4 million, compared to GAAP operating income of $37.2 million in the second quarter of 2022.
GAAP net income for the second quarter of 2023 was $6.8 million, or $0.07 per diluted share, compared to $27.8 million, or $0.27 per diluted share in the second quarter of 2022.
For the third quarter of 2023, TTM estimates that revenues will be in the range of $550 million to $590 million, and non-GAAP net income will be in the range of $0.25 to $0.31 per diluted share.
TTM shares began Wednesday up but 12 cents to $14.49.
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