TTM Technologies Q2 Adj. Profit Declines; CFO Todd Schull To Retire

TTM Technologies, Inc. (TTMI) reported second quarter GAAP net income of $6.8 million, or $0.07 per share, compared to $27.8 million, or $0.27 per share, prior year. On a non-GAAP basis, net income was $33.0 million, or $0.32 per share compared to $55.3 million, or $0.54 per share, last year. On average, four analysts polled by Thomson Reuters expected the company to report profit per share of $0.20, for the quarter. Analysts’ estimates typically exclude special items.

Net sales were $546.5 million, compared to $625.6 million, previous year. Analysts on average had estimated $552.64 million in revenue.

For the third quarter, TTM estimates that revenues will be in the range of $550 million to $590 million, and non-GAAP net income will be in the range of $0.25 to $0.31 per share.

TTM Technologies also announced that Todd Schull, Chief Financial Officer, plans to retire at the end of 2023. Schull has notified his intention to step down as Executive Vice President & Chief Financial Officer, effective September 11, 2023. From September 11, 2023 to December 31, 2023, Schull intends to serve as a special advisor to Chief Executive Officer, Thomas Edman.

Also, TTM Technologies announced today that Daniel Boehle has been appointed to succeed Schull as Executive Vice President and Chief Financial Officer, with a projected effective date of September 11, 2023. Boehle is expected to join the company on August 21, 2023. From August 21, 2023 to September 11, 2023, Boehle is expected to serve as Executive Vice President of Finance. Boehle has served as Vice President and Chief Financial Officer for Aerojet Rocketdyne Holdings, Inc.

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