secwatch.observer — SEC 8-K summary
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Issuer:     TTM TECHNOLOGIES INC (TTMI)
CIK:        0001116942
Form:       8-K
Filed at:   2023-02-08T23:59:59+00:00
Accession:  0001193125-23-028382
Event type: other_material
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 2.05, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

TTM Q4 non-GAAP EPS $0.41 beats midpoint; closes 3 PCB plants, cuts ~750 jobs
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1116942/000119312523028382/0001193125-23-028382-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1116942/000119312523028382/d426497d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-028382

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