TTM Technologies Reports 13.8% Revenue Growth to $648.7 Million in Q1 2025

TTM Technologies, Inc. reported a significant increase in financial performance for the first quarter of 2025, with net sales reaching $648.7 million, a 13.8% rise from $570.1 million in the same period last year. The company's gross profit also saw a substantial increase, climbing to $131.0 million from $103.7 million, resulting in a gross margin of 20.2%, up from 18.2%. This growth was primarily driven by strong demand in the aerospace and defense, data center computing, and networking sectors, particularly influenced by advancements in generative artificial intelligence.

In terms of operational efficiency, TTM Technologies reported a decrease in total operating expenses to $80.7 million from $86.7 million year-over-year. This reduction was attributed to lower amortization of definite-lived intangibles and restructuring charges, which fell significantly from $3.9 million to $0.7 million. Consequently, operating income surged to $50.3 million, compared to $17.1 million in the prior year, reflecting an operating margin increase to 7.7% from 3.0%.

The company also made strategic moves during the quarter, including the ongoing construction of a new advanced technology PCB manufacturing facility in Syracuse, New York. This facility is expected to enhance TTM's capabilities in producing ultra-high-density interconnect PCBs, supporting national security requirements. The external construction is largely complete, with equipment installation anticipated to begin in summer 2025 and production expected to start in mid-2026.

TTM Technologies serves a diverse customer base of approximately 1,400 clients across various sectors, including aerospace, automotive, and medical industries. The company reported that its ten largest customers accounted for 56% of net sales in the first quarter of 2025, up from 53% in the same period last year. The company’s cash and cash equivalents stood at approximately $411.3 million as of March 31, 2025, with $151.5 million held by foreign subsidiaries, primarily in China.

Looking ahead, TTM Technologies anticipates continued growth driven by strong demand across its key markets. The company expects its capital expenditures for 2025 to range between $230 million and $250 million, with a significant portion allocated to the new Syracuse facility. The management remains optimistic about leveraging its operational improvements and strategic investments to enhance its market position and financial performance in the coming quarters.