TTM Technologies posts third-quarter net sales of $1.2 billion, up 60%

TTM Technologies Inc. (TTMI) said Thursday that third-quarter 2026 net sales were $1.2 billion, up 60% from $752.7 million a year earlier. The results covered the quarter ended Sept. 28, 2026, and were released in a press release attached to a regulatory filing.

The company also gave fourth-quarter guidance and initiated a preliminary forecast for 2027.

Here's how the company did:

• Net sales: $1.2 billion vs. $752.7 million a year earlier
• GAAP net income: $84.8 million, or $0.79 per diluted share, vs. $53.1 million, or $0.50 per diluted share
• Non-GAAP net income: $157.8 million, or $1.46 per diluted share, vs. $71.0 million, or $0.67 per diluted share
• Adjusted EBITDA: $242.3 million, or 20.1% of net sales, vs. $120.9 million, or 16.1%

Gross margin was 24.2%, against 20.8% a year earlier. Operating margin was 13.5%, against 9.6%.

Operating cash flow was $154.7 million. Free cash flow, or operating cash flow less net capital expenditures, was $74.8 million, against $42.6 million a year earlier.

Here's how TTM's segments did during the quarter:

• Aerospace & Defense: net sales of $416.5 million vs. $344.5 million; segment operating income of $77.0 million vs. $56.0 million
• Commercial: net sales of $787.9 million vs. $408.9 million; segment operating income of $166.3 million vs. $60.0 million

The company said continued AI demand drove Data Center and Networking, which made up 41% of net sales, against 30% a year earlier. Aerospace and defense was 34% of net sales, against 45%. Total book-to-bill was 2.13, and the company reported total A&D program backlog of $2.0 billion.

"Once again, we delivered quarterly records for both net sales and non-GAAP EPS," said CEO Edwin Roks. "All key markets contributed to our 60% year on year growth with Data Center & Networking up 115%, Medical, Industrial & Instrumentation up 97%, and Aerospace & Defense up 21%."

Roks also said adjusted EBITDA margin exceeded 20% for the first time, and that the company's margin expansion efforts are producing results.

The company expects fourth-quarter net sales of $1.42 billion to $1.44 billion and non-GAAP net income of $1.77 to $1.83 per diluted share. For full-year 2026, it expects net sales of $4.47 billion to $4.49 billion and non-GAAP net income of $4.97 to $5.03 per diluted share.

The filing says these figures now include the closed STG and Epiq acquisitions and related financing costs. It does not restate earlier guidance, so the size of the change cannot be measured from the filing.

The company also initiated a preliminary 2027 full-year forecast of $6.5 billion to $6.75 billion in net sales and $8.10 to $8.90 per diluted share in non-GAAP net income. The forecast includes recently closed acquisitions and financing costs, but it excludes planned or potential acquisitions that have not closed.

On Oct. 19, 2026, the company announced plans to acquire the Ophir Optics business from MKS Inc. (NASDAQ: MKSI) for $650 million, or 10.3x expected FY 2027 adjusted EBITDA. The deal is all cash and is expected to be funded through cash on hand, expected future cash flow and borrowings under TTM's existing revolving credit facility.

The company said the Ophir Optics acquisition is not included in current guidance.

On Oct. 9, 2026, TTM entered into a definitive agreement to acquire Merlin Circuit Technology Ltd. and Merlin Flex Ltd., two small printed circuit board factories in the United Kingdom. The price was not disclosed. The transaction is subject to regulatory approvals and is expected to close in the fourth quarter of 2026.

TTM previously announced plans to acquire ILFA GmbH, a German printed circuit manufacturer. That deal is expected to close in the fourth quarter of 2026 and is excluded from guidance.

The company has completed its acquisitions of Swiss Technology Group and Epiq Solutions, and both are now included in guidance. The filing says the Epiq Solutions acquisition was completed on Sept. 30, 2026.

Net leverage was 2.8x pro-forma adjusted TTM EBITDA as of Sept. 30, 2026. The company expects leverage to fall within its targeted range of 1.5-2.0x by the expected closing date of the Ophir Optics acquisition.

Long-term debt was $1.46 billion at the end of the quarter, up from $912.3 million at Dec. 29, 2025. Cash and cash equivalents were $876.3 million, against $501.2 million at year-end.

Acquisition-related and other charges were $13.6 million in the quarter, against $15,000 a year earlier. Stock-based compensation was $24.1 million, against $11.6 million.

The company will host a conference call and webcast on Oct. 22 at 8:30 a.m. Eastern Time to discuss the results and outlook.