NEW YORK (TheStreet) -- Shares of TTM Technologies (TTMI) - Get Report were soaring 17.34% to $13.33 on heavy trading volume early Thursday afternoon after the company posted better-than-anticipated results for the 2016 third quarter.
After yesterday's market close, the Costa Mesa, CA-based maker of printed circuit boards reported adjusted earnings of 39 cents per diluted share, surpassing analysts' estimates of 32 cents per share.
Revenue for the period was $641.7 million, while analysts had projected $641.3 million.
"Our third quarter revenues matched our expectations while profitability was better than forecast driving earnings to the highest level in years," CEO Tom Edman said in a statement.
"Sequentially, a sharp acceleration in the cellular end market more than offset modest declines in the networking and communications end market, demonstrating the benefits of diversification," he added.
For the fourth quarter, TTM sees adjusted earnings per diluted share between 42 cents and 48 cents on revenue of $650 million to $690 million.
Analysts surveyed by FactSet are forecasting earnings of 45 cents per share on revenue of $672 million for the current period.
More than 2.95 million of the company's shares changed hands so far today vs. its average 30-day volume of 1.49 million shares.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C+ on the stock.
The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its robust revenue growth, compelling growth in net income and good cash flow from operations.
But the team also finds weaknesses including generally higher debt management risk and poor profit margins.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: TTMI