This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

TTM Technologies, Inc. Reports Record Third Quarter Results

SANTA ANA, Calif., Nov. 4, 2010 (GLOBE NEWSWIRE) -- TTM Technologies, Inc. (Nasdaq:TTMI), a major global printed circuit board (PCB) manufacturer, today reported results for the third quarter of 2010, ended September 27, 2010.

Third Quarter 2010 Highlights

  • Net sales increased 15 percent sequentially to a record $357.8 million.
  • GAAP net income attributable to stockholders grew sequentially to $29.1 million, or $0.36 per diluted share
  • Non-GAAP net income attributable to stockholders increased sequentially 75 percent to $35.0 million, or $0.43 per diluted share.
  • Gross margins increased to 22.5 percent.
  • The combination with Meadville Holdings Ltd. was highly accretive to GAAP earnings, adding $0.15 per diluted share this quarter.
  • The integration of the two companies is progressing well.

Financial Results

Net sales for the third quarter of 2010 increased to $357.8 million from $310.2 million in the second quarter of 2010.

Operating income for the third quarter 2010 increased 163 percent to $45.7 million from $17.4 million in the second quarter. The second quarter results included charges of $14.6 million related to plant closures, impairment of long-lived assets, transaction costs, and inventory fair value adjustments.

GAAP net income attributable to stockholders for the third quarter of 2010 was $29.1 million, or $0.36 per diluted share, compared to $4.9 million, or $0.06 per diluted share for the second quarter of 2010. The results for the third quarter of 2010 included a $1.8 million foreign exchange gain and a decrease in the estimated annual effective tax rate that combined contributed $0.04 per diluted share.

On a non-GAAP basis, net income attributable to stockholders for the third quarter of 2010 was $35.0 million, or $0.43 per diluted share. This compares to second quarter of 2010 non-GAAP net income attributable to stockholders of $19.9 million, or $0.26 per diluted share.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,678.23 -40.31 -0.23%
S&P 500 2,056.15 -4.90 -0.24%
NASDAQ 4,863.3620 -13.1570 -0.27%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs