• Revenue: Q4 sales reached $569.0 million, a decrease from $617.2 million in the same quarter last year.

• Net Income: GAAP net income for Q4 was $17.3 million, up from $6.0 million in Q4 of the previous year.

• Earnings Per Share (EPS): Non-GAAP EPS for Q4 remained stable at $0.41, matching the prior year's result.

• Adjusted EBITDA: Q4 Adjusted EBITDA marginally declined to $80.9 million from $81.6 million year-over-year.

• Full Year Performance: 2023 annual sales decreased by 11% to $2.2 billion from $2.5 billion in 2022.

• Balance Sheet: Cash and equivalents increased to $450.2 million, up from $402.7 million at the end of 2022.

• Outlook: Q1 2024 revenue is estimated to be between $530 million and $570 million, with non-GAAP net income per diluted share projected at $0.24 to $0.30.

• Warning! GuruFocus has detected 6 Warning Sign with TTMI.

On February 7, 2024, TTM Technologies Inc (NASDAQ:TTMI), a leading global manufacturer of technology solutions including mission systems and advanced printed circuit boards, released its 8-K filing, detailing the financial results for the fourth quarter and full year of 2023. The company, which plays a critical role in various high-tech sectors such as aerospace, computing, and telecommunications, faced a challenging year with a notable decline in annual sales. However, TTM Technologies managed to maintain a steady non-GAAP earnings per share in the fourth quarter, reflecting resilience in its operational performance.

Fourth Quarter and Full Year 2023 Financial Highlights

TTM Technologies reported a decrease in net sales for the fourth quarter of 2023, amounting to $569.0 million compared to $617.2 million in the fourth quarter of the previous year. Despite this, the company's GAAP operating income for the fourth quarter was $34.6 million, and the GAAP net income stood at $17.3 million, or $0.17 per diluted share. This represents an improvement over the fourth quarter of 2022, which saw a GAAP net income of $6.0 million, or $0.06 per diluted share.

On a non-GAAP basis, net income for the fourth quarter of 2023 remained consistent at $43.0 million, or $0.41 per diluted share, mirroring the performance of the same period in the prior year. Adjusted EBITDA for the quarter was slightly down at $80.9 million, or 14.2% of sales, compared to $81.6 million, or 13.2% of sales in the fourth quarter of 2022.

For the full year of 2023, TTM Technologies saw a decrease in net sales to $2.2 billion from $2.5 billion in 2022, marking an 11% year-over-year decline. The GAAP operating income for 2023 was significantly impacted by a $44.1 million goodwill impairment charge related to the RF&S Components segment, resulting in a decrease to $42.3 million from $210.4 million in 2022. The GAAP net loss for 2023 was $18.7 million, or ($0.18) per diluted share, compared to a GAAP net income of $94.6 million, or $0.91 per diluted share, in the previous year.