TTM Technologies Reports 9.4% Revenue Growth to $2.44 Billion for Fiscal Year 2024

TTM Technologies, Inc. reported a significant increase in its financial performance for the fiscal year ending December 30, 2024, with net sales reaching approximately $2.44 billion, a 9.4% increase from $2.23 billion in the previous year. The growth was primarily driven by strong demand in the aerospace and defense sectors, as well as the data center computing market, which benefited from the rise of generative artificial intelligence applications. The company's gross profit margin improved to 19.5%, up from 18.5% in the prior year, reflecting enhanced operational execution and increased sales volume.

In terms of profitability, TTM Technologies recorded a net income of $56.3 million, translating to earnings per share of $0.55, a recovery from a net loss of $18.7 million in the previous fiscal year. This turnaround was attributed to improved sales performance and operational efficiencies, despite facing challenges such as inventory corrections in certain markets, including automotive and medical sectors. The company also incurred a goodwill impairment charge of $32.6 million related to its RF and Specialty Components segment, which impacted overall profitability.

Strategically, TTM Technologies has been active in expanding its operational capabilities. The company announced the construction of a new advanced technology PCB manufacturing facility in Syracuse, New York, with an estimated investment of $100 million to $130 million. This facility is expected to enhance the company's production capacity for ultra-high-density interconnect PCBs, aligning with national security requirements. Additionally, TTM has been consolidating its integrated electronics facilities to improve efficiencies, completing the closure of its Elizabeth City, North Carolina facility and planning to close the Huntington, New York facility by mid-2025.

Operationally, TTM Technologies serves a diverse customer base of approximately 1,400 clients across various sectors, including aerospace, automotive, and medical industries. The company reported a total employee count of around 16,400 as of the end of 2024, with a focus on maintaining a customer-driven culture and enhancing service delivery. The company’s sales to its five largest customers accounted for 42% of total net sales, indicating a concentrated customer base, which poses risks if any significant customer were to reduce orders.

Looking ahead, TTM Technologies anticipates continued growth driven by demand in its key markets, particularly in aerospace and defense, as well as data center computing. The company expects to leverage its strategic investments and operational efficiencies to enhance profitability and market share. However, it also acknowledges potential risks, including global economic uncertainties and supply chain challenges, which could impact future performance.