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TTM Technologies Beats Q2 Earnings Estimates, Shares Fall on Weak View
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Key Takeaways
{\"0\":\"TTMI shares have declined 11.1% since Q2 results, driven by a weak Q3 revenues and earnings outlook.\",\"1\":\"Q2 revenues rose 21% Y/Y to $730.6M, beating estimates by 9.38%; EPS surged 48.7% to $0.58.\",\"2\":\"Q3 revenue guide tops out below Q2 levels, with EPS forecast of $0.57-$0.63 vs. Q2\'s $0.58 result.\"}
TTM Technologies (TTMI - Free Report) shares fell 8.3% to close at $43.34 on Friday. Since reporting second-quarter 2025 results on Wednesday (July 30), TTMI shares have dropped 11.1%. Year to date, shares have appreciated 75.1%, outperforming the broader Zacks Computer and Technology sector’s return of 9.1%. The post result drop in TTMI’s share price can be attributed to a weak third-quarter 2025 view.
TTM Technologies now expects revenues between $690 million and $730 million. The high-end of the guidance range is lower than $730.6 million reported in second-quarter 2025. The revenue figure beat the Zacks Consensus Estimate by 9.38% and increased 21% year over year. The Zacks Consensus Estimate for third-quarter 2025 revenues is currently pegged at $710.5 million, suggesting 15.2% growth from the figure reported in the year-ago quarter, but implies a 2.8% sequential decline.
For third-quarter 2025, TTMI expects non-GAAP earnings between 57 cents and 63 cents per share. The company reported second-quarter 2025 non-GAAP earnings of 58 cents per share, which beat the Zacks Consensus Estimate by 11.54% and jumped 48.7% year over year. The consensus mark for third-quarter 2025 earnings is pegged at 55 cents per share, unchanged over the past 30 days and suggesting 34.15% growth from the figure reported in the year-ago quarter.
TTM Technologies, Inc. Price, Consensus and EPS Surprise
Revenues from Aerospace & Defense, Commercial, and RF&S Components were $327.6 million (44.8% of total revenues), $395.6 million (54.1% of total revenues) and $10.1 million (1.4% of total revenues), respectively. Year over year, Aerospace & Defense, Commercial, and RF&S Components revenues increased 19.3%, 22.4% and 11%, respectively.
In the reported quarter, as a percentage of revenues, TTM Technologies’ generated 45% of total revenues from Aerospace and Defense end markets, 21% from Data Center computing, 15% from Medical, Industrial & Instrumentation, 11% from Automotive, and 8% from Networking. Growth in Data Center Computing and Networking was supported by rising demand driven by Generative AI applications (30% of revenues).
Top five customers accounted for 41% of revenues in the reported quarter. Backlog was $496.8 million with Book to Bill of 0.89.
TTMI’s Operating Details
In the second quarter of 2025, TTM Technologies reported a non-GAAP gross margin of 20.9%, which expanded 90 basis points (bps) year over year.
Selling and marketing expenses increased 7.7% year over year to $21.3 million. General and administrative expenses jumped 29% year over year to $49.7 million. However, research and development expenses declined 18% year over year to $7 million.
Adjusted EBITDA increased 29.6% year over year to $109.7 million in the reported quarter.
Non-GAAP operating income surged 49.3% year over year to $81.4 million. As a percentage of revenues, the operating margin expanded 210 bps year over year to 11.1%.
TTMI’s Balance Sheet & Cash Flow
As of June 30, 2025, TTM Technologies’ cash and cash equivalents were $448 million, while total debt was $917.1 million. Net leverage was at 1.2X at the end of the second quarter.
In the reported quarter, net cash provided by operating activities was $97.8 million, while free cash flow was $37.6 million.
TTMI’s Zacks Rank & Stocks to Consider
TTM Technologies currently carries a Zacks Rank #2 (Buy).
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TTM Technologies Beats Q2 Earnings Estimates, Shares Fall on Weak View
Key Takeaways
TTM Technologies (TTMI - Free Report) shares fell 8.3% to close at $43.34 on Friday. Since reporting second-quarter 2025 results on Wednesday (July 30), TTMI shares have dropped 11.1%. Year to date, shares have appreciated 75.1%, outperforming the broader Zacks Computer and Technology sector’s return of 9.1%. The post result drop in TTMI’s share price can be attributed to a weak third-quarter 2025 view.
TTM Technologies now expects revenues between $690 million and $730 million. The high-end of the guidance range is lower than $730.6 million reported in second-quarter 2025. The revenue figure beat the Zacks Consensus Estimate by 9.38% and increased 21% year over year. The Zacks Consensus Estimate for third-quarter 2025 revenues is currently pegged at $710.5 million, suggesting 15.2% growth from the figure reported in the year-ago quarter, but implies a 2.8% sequential decline.
For third-quarter 2025, TTMI expects non-GAAP earnings between 57 cents and 63 cents per share. The company reported second-quarter 2025 non-GAAP earnings of 58 cents per share, which beat the Zacks Consensus Estimate by 11.54% and jumped 48.7% year over year. The consensus mark for third-quarter 2025 earnings is pegged at 55 cents per share, unchanged over the past 30 days and suggesting 34.15% growth from the figure reported in the year-ago quarter.
TTM Technologies, Inc. Price, Consensus and EPS Surprise
TTM Technologies, Inc. price-consensus-eps-surprise-chart | TTM Technologies, Inc. Quote
TTMI’s Q2 Top-Line Details
Revenues from Aerospace & Defense, Commercial, and RF&S Components were $327.6 million (44.8% of total revenues), $395.6 million (54.1% of total revenues) and $10.1 million (1.4% of total revenues), respectively. Year over year, Aerospace & Defense, Commercial, and RF&S Components revenues increased 19.3%, 22.4% and 11%, respectively.
In the reported quarter, as a percentage of revenues, TTM Technologies’ generated 45% of total revenues from Aerospace and Defense end markets, 21% from Data Center computing, 15% from Medical, Industrial & Instrumentation, 11% from Automotive, and 8% from Networking. Growth in Data Center Computing and Networking was supported by rising demand driven by Generative AI applications (30% of revenues).
Top five customers accounted for 41% of revenues in the reported quarter. Backlog was $496.8 million with Book to Bill of 0.89.
TTMI’s Operating Details
In the second quarter of 2025, TTM Technologies reported a non-GAAP gross margin of 20.9%, which expanded 90 basis points (bps) year over year.
Selling and marketing expenses increased 7.7% year over year to $21.3 million. General and administrative expenses jumped 29% year over year to $49.7 million. However, research and development expenses declined 18% year over year to $7 million.
Adjusted EBITDA increased 29.6% year over year to $109.7 million in the reported quarter.
Non-GAAP operating income surged 49.3% year over year to $81.4 million. As a percentage of revenues, the operating margin expanded 210 bps year over year to 11.1%.
TTMI’s Balance Sheet & Cash Flow
As of June 30, 2025, TTM Technologies’ cash and cash equivalents were $448 million, while total debt was $917.1 million. Net leverage was at 1.2X at the end of the second quarter.
In the reported quarter, net cash provided by operating activities was $97.8 million, while free cash flow was $37.6 million.
TTMI’s Zacks Rank & Stocks to Consider
TTM Technologies currently carries a Zacks Rank #2 (Buy).
MKS Inc. (MKSI - Free Report) , DoorDash (DASH - Free Report) and Lumentum (LITE - Free Report) are better-ranked stocks in the broader Zacks Computer and Technology sector. Each of the three stocks currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
MKS shares have declined 11.2% year to date. MKS is set to report its second-quarter 2025 results on Aug. 6.
DoorDash shares have appreciated 48% year to date. DASH is set to report its second-quarter 2025 results on Aug. 6.
Lumentum shares are up 27% year to date. Lumentum is set to report its fourth-quarter fiscal 2025 results on Aug. 12.