TTM Technologies Sets Q3 Sales Target of $690M-$730M Amid CEO Succession and Domestic Expansion Focus

TTM Technologies expects Q3 sales to be between $690M-$730M, with a focus on CEO succession and domestic expansion. Q2 revenue grew 21% YoY, driven by aerospace and defense, and data and industrial segments.

Title: TTM Technologies Outlines Q3 Sales Targets and CEO Succession Plan

TTM Technologies, Inc. (TTMI) has outlined its expectations for the third quarter of 2025, projecting net sales to be between $690 million and $730 million. The company's second quarter (Q2) 2025 results showed robust growth, with revenue increasing by 21% year-on-year (YoY), driven primarily by the aerospace and defense, data center computing, networking, and medical, industrial, and instrumentation end markets. The company's President and CEO, Thomas Edman, has announced his intention to retire, with a successor expected to be named before the end of the year. Edman will remain in his role until the new CEO is appointed and will continue to serve on the Board of Directors and the Government Security Committee.

Edman highlighted the company's expansion plans, including the acquisition of a 750,000 square foot facility in Eau Claire, Wisconsin, to support high-volume U.S. production of advanced technology printed circuit boards (PCBs) for key markets, particularly data center computing and networking for generative AI applications. The facility's installation will be closely coordinated with customer end demand.

The company's CFO, Daniel Boehle, provided guidance for Q3 2025, projecting net sales in the range of $690 million to $730 million and non-GAAP earnings per diluted share to be between $0.57 and $0.63. He noted that the company expects SG&A expense to be about 8.9% of net sales and R&D to be about 1% of net sales in the third quarter. Interest expense is forecast at approximately $10.5 million, interest income at approximately $2.6 million, and the effective tax rate is expected to be between 13% and 17%.

Boehle reported that GAAP operating income for Q2 2025 was $61.8 million compared to $39 million in Q2 2024. On a GAAP basis, net income in Q2 2025 was $41.5 million or $0.40 per diluted share. Non-GAAP operating margin was 11.1%, up 210 basis points YoY. Cash flow from operations was $97.8 million or 13.4% of net sales. The company ended the quarter with $448 million in cash and cash equivalents, and net debt to last 12 months EBITDA was 1.2x. Gross margin for the quarter reached 20.9% compared to 20% in the year-ago period, with selling and marketing expense at $20.3 million and G&A at $44.3 million. Adjusted EBITDA was $109.7 million.

During the earnings call, analysts probed the timing and customer-driven rationale for the new Wisconsin capacity. Edman responded that the investment is prepared from an infrastructure standpoint and ready to scale with customer demand, especially in the data center space. When asked about the slower-than-expected ramp in Penang, Edman stated that the company is optimizing yields as it scales.

Management maintained a confident tone in prepared remarks, frequently expressing gratitude and optimism but acknowledged operational hurdles, especially in Penang. The CEO's announced retirement and leadership transition are new developments versus Q1. Analysts in Q2 focused more on facility ramp timelines, costs, and competitive positioning, compared to Q1's broader market and tariff questions. Management's confidence remains but reflects a more measured approach to operational challenges.

References
1. [https://seekingalpha.com/news/4475089-ttm-technologies-outlines-690m-730m-q3-sales-target-as-ceo-succession-and-domestic-expansion](https://seekingalpha.com/news/4475089-ttm-technologies-outlines-690m-730m-q3-sales-target-as-ceo-succession-and-domestic-expansion)
2. [https://finance.yahoo.com/news/ttm-technologies-inc-announces-retirement-200500809.html](https://finance.yahoo.com/news/ttm-technologies-inc-announces-retirement-200500809.html)