TTM Technologies (TTMI) Q3 FY2023 earnings: revenue $573 million, down 14.7% on the year

TTM Technologies Inc. (TTMI) reported revenue of $573 million for Q3 FY2023, the quarter ended 2 October 2023, down 14.7% on the same quarter a year earlier. Net income was -$37 million, and diluted earnings per share $-0.36. The figures are the company's own, from the 10-Q it filed with the SEC on 7 November 2023.

Revenue$573 milliondown 14.7%

Net income-$37 million

Diluted EPS$-0.36

QuarterQ3 FY2023ended 2 October 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Q2 FY2023	A year earlier	Change on the year
Revenue	573	547	n/a	n/a
Cost of revenue	459	448	n/a	n/a
Gross profit	113	98.5	n/a	n/a
Gross margin	19.8%	18.0%	n/a
Research and development	6.2	6.4	n/a	n/a
Operating income	-10.2	21.4	n/a	n/a
Operating margin	-1.8%	3.9%	n/a
Interest expense	10.1	11.8	n/a	n/a
Pre-tax income	-17.3	13.4	n/a	n/a
Income tax	19.8	6.6	n/a	n/a
Effective tax rate	n/a	49.1%	n/a
Net income	-37.1	6.8	n/a	n/a
Net margin	-6.5%	1.2%	n/a
Diluted EPS	-$0.36	$0.07	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Q2 FY2023	A year earlier	Change on the year
Operating cash flow	58.9	25.9	n/a	n/a
Capital expenditure	33.7	49.5	n/a	n/a
Free cash flow	25.2	-23.6	n/a	n/a
Free cash flow margin	4.4%	-4.3%	n/a
Cash from investing	-33.8	-21.9	n/a	n/a
Cash from financing	-15.5	-22.4	n/a	n/a
Depreciation and amortisation	35.3	28.8	n/a	n/a
Share-based compensation	6.4	5.1	n/a	n/a
Buybacks	14.6	0.0	n/a	n/a
Diluted shares, weighted	104m	105m	n/a	n/a
Shares outstanding at period end	103m	104m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Q2 FY2023	A year earlier	Change on the year
Shareholders' equity	1,501	1,544	n/a	n/a
Debt	2.6	3.5	n/a	n/a
Operating lease liabilities	82.1	8.8	n/a	n/a
Finance lease liabilities	13.0	13.2	n/a	n/a
Other liabilities	1,668	1,579	n/a	n/a
Total liabilities and equity	3,267	3,148	n/a	n/a
Fixed assets	808	710	n/a	n/a
Goodwill	703	747	n/a	n/a
Intangible assets	250	264	n/a	n/a
Cash and equivalents	408	399	n/a	n/a
Receivables	391	387	n/a	n/a
Inventory	206	187	n/a	n/a
Other assets	500	455	n/a	n/a
Total assets	3,267	3,148	n/a	n/a

Quarterly results, the last 12 quarters

	Q2 FY2023	Q3 FY2023	Q1 FY2024 †	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	547	573	570	605	617	651	649	731	753	774	846	1,004
Cost of revenue	448	459	466	488	487	524	518	583	596	608	665	792
Gross profit	98.5	113	104	117	130	127	131	148	157	166	181	212
Gross margin	18%	20%	18%	19%	21%	19%	20%	20%	21%	21%	21%	21%
R&D	6.4	6.2	7.3	8.5	8.1	7.9	8.1	7.0	7.0	6.9	7.8	8.0
Operating income	21.4	-10.2	17.1	39.0	51.0	9.0	50.3	61.8	71.9	80.7	72.4	109
Operating margin	4%	-2%	3%	6%	8%	1%	8%	8%	10%	10%	9%	11%
Interest expense	11.8	10.1	12.3	12.2	11.8	11.2	11.5	11.1	10.4	12.4	10.6	10.5
Pre-tax income	13.4	-17.3	14.1	30.5	25.0	14.3	41.0	45.5	61.8	62.0	58.5	81.2
Tax rate	49%	n/a	26%	14%	43%	64%	21%	9%	14%	18%	15%	-2%
Net income	6.8	-37.1	10.5	26.4	14.3	5.2	32.2	41.5	53.1	50.7	50.0	83.0
Net margin	1%	-6%	2%	4%	2%	1%	5%	6%	7%	7%	6%	8%
Diluted EPS	$0.07	-$0.36	$0.10	$0.25	$0.14	$0.05	$0.31	$0.40	$0.50	$0.48	$0.47	$0.77
Operating cash flow	25.9	58.9	43.9	41.9	65.1	86.1	-10.7	97.8	142	62.9	21.7	96.4
Capital expenditure	49.5	33.7	49.3	39.5	40.9	56.0	63.3	60.4	99.5	69.4	107	62.4
Free cash flow	-23.6	25.2	-5.4	2.4	24.2	30.0	-74.0	37.4	42.4	-6.5	-85.1	34.1
Buybacks	0.0	14.6	9.3	25.1	0.0	0.0	17.9	0.0	0.0	0.0	0.0	0.0
Shares outstanding	104m	103m	102m	102m	102m	102m	102m	103m	103m	103m	104m	105m
Filing	10-Q	10-Q	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 2 October 2023, filed 7 November 2023, accession 0000950170-23-060227: the filing on EDGAR. All of TTM Technologies Inc.'s filings: EDGAR company page.

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