TTM Technologies, Inc. has recently released its 10-K report, detailing its operations and financial performance. The company, headquartered in Santa Ana, California, specializes in manufacturing and selling mission systems, radio frequency (RF) components, RF microwave/microelectronic assemblies, and printed circuit boards (PCB) worldwide. TTM Technologies operates in two segments, PCB and RF&S Components, and serves a diverse customer base across various industries including aerospace and defense, data center computing, automotive, medical, industrial, and networking.
In the 10-K report, TTM Technologies provided a detailed financial overview of its operations. The company reported that in the fiscal year 2024, sales to its five largest customers accounted for 42% of its net sales, reflecting an increase in sales within the aerospace and defense end market. The breakdown of net sales by principal end markets in 2024 was as follows: 46% from aerospace and defense, 13% from automotive, 21% from data center computing, 14% from medical/industrial/instrumentation, and 6% from networking.
The company also discussed its revenue recognition process, stating that it recognizes revenue when control of the promised goods or services is transferred to customers. TTM Technologies applies a five-step approach to determine the amount and timing of revenue to be recognized, and it recognizes revenue progressively over time based on the extent of progress towards completion of the performance obligation.
Additionally, TTM Technologies provided insights into its critical accounting policies and estimates. The company highlighted its critical accounting policies, including revenue recognition and goodwill and intangible assets. TTM Technologies emphasized that its consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP), and the preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, net sales, and expenses.
In terms of recent developments, TTM Technologies announced the commencement of construction of a new advanced technology PCB manufacturing facility in Syracuse, New York, with an estimated investment of $100.0 million to $130.0 million. The company also outlined plans to consolidate its integrated electronics facilities in Elizabeth City, North Carolina, and Huntington, New York, into existing facilities to improve efficiencies.
Today the company's shares have moved -2.5% to a price of $25.36. For the full picture, make sure to review TTM Technologies's 10-K report.
