Q1 2025 TTM Technologies Inc Earnings Call Transcript
Key Points
- TTM Technologies Inc (TTMI) achieved revenue and non-GAAP EPS above the high end of the guided range, with a 14% year-on-year revenue growth.
- The aerospace and defense market, which constitutes 47% of revenues, remains strong with a solid program backlog of approximately $1.55 billion.
- Non-GAAP operating margins reached a record high of 10.5%, up 340 basis points year-on-year, marking the third consecutive quarter of double-digit operating margin performance.
- The company has diversified its manufacturing footprint, reducing exposure to consumer markets and investing in new production capabilities in regions like Malaysia.
- TTM Technologies Inc (TTMI) published its second corporate sustainability report, reflecting a commitment to minimizing environmental impact.
- The automotive end market experienced a year-over-year decline due to continued inventory adjustments and soft demand at several customers.
- TTM Technologies Inc (TTMI) faces potential indirect impacts from tariffs, such as end-market demand weakness and economic slowdown, which are difficult to predict.
- The company's PCB capacity utilization in North America was relatively low at 35% in Q1, indicating potential inefficiencies.
- There is a significant exposure to tariffs on materials and equipment, with approximately 11% of revenues tied to imports into the U.S. from Europe and Asia.
- The Penang facility is currently operating at a loss, with an operating income loss of approximately $11.5 million, although it is expected to reach breakeven by the end of Q3.
Good afternoon. Thank you for standing by. Welcome to the TTM Technologies, Inc. First Quarter 2025 Financial Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded today, April 30, 2025.
Sameer Desai, TTM's Vice President of Corporate Development and Investor Relations, will now review TTM's disclosure statement. Mr. Desai?
Thank you, Sheri. Before we get started, I would like to remind everyone that today's call contains forward-looking statements, including statements related to TTM's future business outlook. Actual results could differ materially from these forward-looking statements due to one or more risks and uncertainties, including the risk factors we provide in our filings with the Securities and Exchange Commission, which we encourage you to review. These forward-looking statements represent management's expectations and assumptions based on currently available information. TTM does not undertake any
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