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TTM Technologies Inc. Stock Downgraded (TTMI)

NEW YORK ( TheStreet) -- TTM Technologies (Nasdaq: TTMI) has been downgraded by TheStreet Ratings from buy to hold. Among the primary strengths of the company is its solid financial position based on a variety of debt and liquidity measures that we have evaluated. At the same time, however, we also find weaknesses including deteriorating net income, disappointing return on equity and poor profit margins.

Highlights from the ratings report include:

  • TTMI, with its decline in revenue, slightly underperformed the industry average of 9.1%. Since the same quarter one year prior, revenues fell by 12.3%. Weakness in the company's revenue seems to have hurt the bottom line, decreasing earnings per share.
  • TTMI's debt-to-equity ratio of 0.62 is somewhat low overall, but it is high when compared to the industry average, implying that the management of the debt levels should be evaluated further. Regardless of the somewhat mixed results with the debt-to-equity ratio, the company's quick ratio of 1.24 is sturdy.
  • TTM TECHNOLOGIES INC has exprienced a steep decline in earnings per share in the most recent quarter in comparison to its performance from the same quarter a year ago. The company has reported a trend of declining earnings per share over the past year. However, the consensus estimate suggests that this trend should reverse in the coming year. During the past fiscal year, TTM TECHNOLOGIES INC reported lower earnings of $0.51 versus $0.93 in the prior year. This year, the market expects an improvement in earnings ($1.23 versus $0.51).
  • The gross profit margin for TTM TECHNOLOGIES INC is currently lower than what is desirable, coming in at 25.20%. It has decreased from the same quarter the previous year. Along with this, the net profit margin of 4.20% trails that of the industry average.
  • Net operating cash flow has declined marginally to $33.50 million or 9.65% when compared to the same quarter last year. In conjunction, when comparing current results to the industry average, TTM TECHNOLOGIES INC has marginally lower results.

TTM Technologies, Inc., together with its subsidiaries, provides printed circuit board (PCB) products and backplane assemblies worldwide. Its PCB products include conventional, high density interconnect, flexible, and rigid-flex PCBs, as well as backplane assemblies and IC substrates. The company has a P/E ratio of 27.3, equal to the average electronics industry P/E ratio and above the S&P 500 P/E ratio of 17.7. TTM has a market cap of $737.1 million and is part of the technology sector and electronics industry. Shares are down 16.2% year to date as of the close of trading on Thursday.

You can view the full TTM Ratings Report or get investment ideas from our investment research center.

-- Written by a member of TheStreet Ratings Staff

TheStreet ratings do not represent the views of TheStreet's staff or its contributors. Ratings are established by computer based on metrics for performance (which includes growth, stock performance, efficiency and valuation) and risk (volatility and solvency). Companies with poor cash flow or high debt levels tend to earn lower ratings in our model.

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