8-K
filed February 8, 2023, 6:59 PM ET
ticker TTMI
CIK 0001116942
other material
confidence high
sentiment negative
materiality 0.85
TTM TECHNOLOGIES INC (TTMI): restructuring charge — TTM Q4 non-GAAP EPS $0.41 beats midpoint; closes 3 PCB plants, cuts ~750 jobs
TTM TECHNOLOGIES INC
- Q4 net sales $617.2M; GAAP EPS $0.06 (incl. $51.8M property gain, $51.7M tax reserve); non-GAAP EPS $0.41.
- Q1 2023 guidance: revenue $550-590M, non-GAAP EPS $0.16-0.22; cites softer commercial demand and inventory reductions.
- Consolidation plan: close PCB facilities in Anaheim, Santa Clara, and Hong Kong by end of 2023.
- Restructuring charges expected $22-28M (80% cash); headcount reduction of ~750 employees (~5% of workforce).
- Annual operating profit improvement estimated $22-27M after full facility closures and business transfer.
Key facts
Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
TTM TECHNOLOGIES INC reported fourth quarter of fiscal year 2022, which ended January 2, 2023 results: revenue $617.2 million, net income $6.0 million, EPS $0.06 per diluted share.
- Period
- fourth quarter of fiscal year 2022, which ended January 2, 2023
- Revenue
- $617.2 million
- Net income
- $6.0 million
- EPS
- $0.06 per diluted share
- Result
- reported results
Exact text from the filing
Fourth Quarter 2022 Highlights - Net sales were $617.2 million - GAAP net income of $6.0 million, or $0.06 per diluted share
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
TTM TECHNOLOGIES INC reported first quarter of 2023 results: revenue $550 million to $590 million, EPS $0.16 to $0.22 per diluted share. Guidance reaffirmed.
- Period
- first quarter of 2023
- Revenue
- $550 million to $590 million
- EPS
- $0.16 to $0.22 per diluted share
- Guidance
- reaffirmed
- Result
- guidance update
Exact text from the filing
TTM estimates that revenue for the first quarter of 2023 will be in the range of $550 million to $590 million, and non-GAAP net income will be in the range of $0.16 to $0.22 per diluted share
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
TTM TECHNOLOGIES INC reported fiscal year 2022 results: revenue $2.50 billion, net income $94.6 million, EPS $0.91 per diluted share.
- Period
- fiscal year 2022
- Revenue
- $2.50 billion
- Net income
- $94.6 million
- EPS
- $0.91 per diluted share
- Result
- reported results
Exact text from the filing
of record bookings of $464.3 million in the Aerospace and Defense end market,” concluded Mr. Edman. Full Year Fiscal 2022 Results Net sales for fiscal year 2022 increased to $2.50 billion from $2.25 billion in fiscal year 2021, an 11.0% increase. Excluding approximately six months from the contribution of Telephonics, revenues grew organically 5.4% in 2022 over
View on SEC.gov
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
TTM TECHNOLOGIES INC announced a restructuring with charges of approximately $22 million to $28 million affecting PCB operations located in Anaheim and Santa Clara, California, and Hong Kong (approximately 750 employees).
- Type
- restructuring
- Charge
- approximately $22 million to $28 million
- Affected area
- PCB operations located in Anaheim and Santa Clara, California, and Hong Kong
- Headcount
- approximately 750 employees
Exact text from the filing
Plan will result in its total headcount being reduced by approximately 750 employees. The Company estimates that it will incur total charges related to the Plan of approximately $22 million to $28 million in separation, asset impairment and disposal costs. Approximately 80% of these costs will be in the form of cash expenditures and the rest in the form of non-cash
View on SEC.gov
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