TTM Technologies, Inc. has reported its second quarter 2024 results, with net sales reaching $605.1 million. The company's GAAP net income for the same period was $26.4 million, or $0.25 per diluted share. On a non-GAAP basis, the net income stood at $40.1 million, or $0.39 per diluted share.
Compared to the second quarter of 2023, TTM's net sales have increased from $546.5 million to $605.1 million. Similarly, the GAAP operating income rose from $21.4 million to $39.0 million. The GAAP net income also saw a significant increase from $6.8 million, or $0.07 per diluted share, to $26.4 million, or $0.25 per diluted share.
On a non-GAAP basis, the net income for the second quarter of 2024 was $40.1 million, up from $33.0 million in the same period of 2023. Additionally, the adjusted EBITDA for the second quarter of 2024 was $84.6 million, or 14.0% of sales, compared to $74.7 million, or 13.7% of sales, for the second quarter of 2023.
The company also repurchased 1.39 million shares of common stock for $25.1 million at an average price of $18.09 per share during the second quarter of 2024. TTM Technologies, Inc. anticipates closing the refinancing of $346.5 million of a senior secured term loan at an interest rate of SOFR + 2.25% on August 1, 2024, which is 50 basis points lower than the previous term B loans issued in May 2023.
Looking ahead, for the third quarter of 2024, TTM projects revenues in the range of $580 million to $620 million and non-GAAP net income in the range of $0.37 to $0.43 per diluted share.
Following these announcements, the company's shares moved -5.0%, and are now trading at a price of $19.71. For the full picture, make sure to review TTM Technologies's 8-K report.
