The following is a summary of the TTM Technologies, Inc. (TTMI) Q3 2024 Earnings Call Transcript:

Financial Performance:

• TTM Technologies reported Q3 2024 revenues of $616.5 million, a growth driven by the aerospace and defense and data center computing sectors.

• GAAP operating income for Q3 2024 was $51 million compared to a GAAP operating loss of $10.2 million in Q3 2023.

• Non-GAAP third quarter net income was $42.7 million, or $0.41 per diluted share.

Business Progress:

• TTM has focused on strategic acquisitions and transformations in the aerospace and defense market, contributing over 50% of revenues in this sector from integrated electronic products.

• Launch of a new highly automated PCB manufacturing facility in Penang, Malaysia aimed at servicing commercial end markets like data center computing and networking.

• Announced consolidation plans to close three printed circuit board manufacturing facilities, aiming to improve operational efficiency and performance.

• Broke ground on a new facility in Syracuse, New York dedicated to specialized high-technology PCB production for the aerospace and defense market, with expectation of production start in 2026.

Opportunities:

• The aerospace and defense end market continues to show strong demand with a record program backlog of approximately $1.49 billion.

• Significant growth in data center computing end market, specifically from products designed for Generative AI applications, is expected to continue driving revenues.

Risks:

• Potential disruptions in supply chains and production due to strategic decisions to consolidate manufacturing facilities and move operations.

• The automotive end market remains weak with declines attributed to inventory adjustments and reduced demand from several major customers.

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