TTMI earnings analysis
What we found in TTMI's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
TTM Technologies reported strong financial performance for Q1 2026, with revenues rising 30.4% year-over-year to $846 million, significantly surpassing estimates by $59.6 million. EPS increased to $0.75, reflecting operational improvements despite higher operating expenses. Management anticipates continued robust revenue growth driven by demand in data centers and networking sectors.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Revenue Beat
- Revenue totaled $845.976 million, exceeding estimates by $59.6 million, a 30.4% increase YoY.
- Increased EPS
- Diluted EPS rose to $0.75 from $0.31 YoY, exceeding expectations by 15.4%.
- Improved Margins
- Gross margin improved to 21.4%, up from 20.2% YoY, indicating enhanced operational efficiency.
- Higher Operating Income
- Operating income increased to $72.449 million, up 43.9% from $50.260 million YoY.
- Segment Growth in Commercial
- Commercial segment revenues surged 48.8% to $495.043 million, driven by data center demand.
- Cash Flow Recovery
- Operating cash flow improved to $21.7 million, compared to a cash outflow of $10.7 million in the prior year.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increased Operating Expenses
- Operating expenses rose to $108.732 million from $80.712 million YoY, due to higher labor and stock-based compensation costs.
- Foreign Exchange Risks
- Other expenses grew by $4.7 million due to foreign exchange losses, impacting profitability.
- Dependency on Major Customers
- Sales to the top 10 customers accounted for 56% of net sales, posing revenue concentration risks.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.75
- Gross margin
- 21.4%
- Operating margin
- 8.6%
- Segment
- Aerospace and Defense: $351.664 million
- Segment
- Commercial: $495.043 million
What they said about what is next.
Management expects Q2 2026 revenue between $930 million and $970 million, with EPS forecasted between $0.82 and $0.88.
The filing reads better than the one before it.
What came before.
- 10-K · February 17, 2026
- TTM Technologies reported full-year 2025 net sales of approximately $2.9 billion and delivered sequential margin improvement through the year (Q4 gross margin 21.4% and operating margin 10.4%). The company emphasizes a…
- 10-K · February 21, 2025
- TTM Technologies positions itself as a global leader in advanced PCBs and RF/microwave systems, reporting approximately $2.4 billion in net sales in 2024 and operating 23 specialized facilities with ~16,400 employees.…
- 10-Q · May 7, 2024
- TTM reported quarter net sales of $570,113 (in thousands), up from $544,437 in the year-ago quarter, with gross profit rising to $103,719 (in thousands) and GAAP diluted EPS turning positive to $0.10 from a loss of…
- 10-Q · November 7, 2023
- TTM reported net sales of $572,582,000 for the quarter ended October 2, 2023 and a GAAP diluted (loss) per share of $(0.36). Revenue declined versus the prior-year quarter ($671,080,000) and the company recorded a…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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