TTM Technologies posts record sales on data-center demand
The circuit-board maker’s net sales jumped 30% to $846 million in the latest quarter.
TTM Technologies (TTMI) reported its highest quarterly net sales on record, as demand from data-center and networking customers drove a 30% year-over-year increase. The circuit-board manufacturer said revenue reached $846 million in the period ended June 3, accelerating from 22% growth in the prior quarter.
The result marked the fourth consecutive quarter of double-digit sales growth, reflecting a broader shift in the company’s end-market mix. TTM’s data-center and networking segment now accounts for 36% of total net sales, up from 28% a year earlier, while aerospace and defense’s share declined to 40% from 48% over the same period.
Net income on a GAAP basis rose to $50.0 million, or $0.47 a share, from $32.2 million, or $0.31 a share, a year earlier. Non-GAAP net income climbed to $80.1 million, or $0.75 a share, up from $52.4 million, or $0.50 a share, in the prior-year quarter. Gross margin expanded to 21.4% from 20.2% a year earlier, though adjusted EBITDA margin ticked down to 15.7% from 16.3% sequentially.
Operating margin improved to 8.6% from 7.7% a year earlier, though it remained below the 9.6% reported in the third quarter of 2025, when lower operating expenses provided a temporary boost. The company said capital expenditures surged to $106.8 million from $51.3 million in the prior quarter, as it expanded facilities to meet demand. Cash flow from operations fell to $21.7 million, or 2.6% of net sales, from $62.9 million in the prior quarter.
TTM also completed a refinancing in the quarter, replacing its prior asset-based lending facilities with a $1.0 billion cash-flow revolver and upsizing its Term Loan B to $400 million. The new loan carries an interest rate of SOFR plus 1.75%, a 50-basis-point reduction. The company’s book-to-bill ratio stood at 1.41, down slightly from 1.35 in the prior quarter.
Looking ahead, TTM raised its third-quarter guidance significantly, projecting net sales of $930 million to $970 million and non-GAAP earnings of $0.82 to $0.88 a share. The company reiterated its full-year sales growth outlook of 15% to 20%.
Source: company public filings.