TTM Technologies manufactures printed circuit boards (PCB) and provides backplane and subsystem assemblies to other businesses.
Total revenue for the first quarter of 2011 increased 16% year over year to $342.8 million. Commenting on the global PCB markets, Kent Alder, CEO of TTM, said, "Our Asia Pacific operations, in particular, are experiencing strong demand for PCBs used in touchpad tablets and smartphones. Our North America operations continue to generate solid cash flow. We are focused on leveraging our combined strengths as a company to continue to execute our growth strategy."
Net income for the first quarter of 2011 was $27.1 million, or 33 cents per diluted share. Earnings before interest, taxes, depreciation and amortization was $66.5 million, or 19.4% of revenue. Revenue for the second quarter of 2011 is estimated between $350 million and $370 million, with estimated EPS per diluted share of between 28 cents and 37 cents.According to the average price target of analysts, the stock is expected to gain around 40% over the next year. Eighty-three percent of analysts covering the stock rate it a buy.