TTM sales rise 60% to a record $1.2 billion; data center and networking sales up 115%

TTM Technologies, which makes printed circuit boards and other interconnect products as well as defense electronics, reported third-quarter net sales of $1.2 billion, up 60% from a year earlier and an all-time quarterly record, according to its results release dated October 22.

What happened

Net sales compared with $752.7 million in the third quarter of 2025. GAAP operating income was $162.3 million, against $71.9 million, and GAAP net income was $84.8 million, or $0.79 per diluted share, against $53.1 million, or $0.50. Adjusted EBITDA was $242.3 million, or 20.1% of net sales, compared with 16.1% a year earlier. Non-GAAP net income was $157.8 million, or $1.46 per diluted share, against $71.0 million, or $0.67.

The data center and networking market made up 41% of net sales "driven by continued AI demand." Chief Executive Officer Edwin Roks said the market grew 115%, medical, industrial and instrumentation 97% and aerospace and defense 21%. Total book-to-bill, the ratio of orders to sales, was 2.13, and aerospace and defense program backlog was $2.0 billion.

Acquisitions and outlook

On October 19, TTM announced plans to buy the Ophir Optics business from MKS Inc. for $650 million, or 10.3 times expected fiscal 2027 adjusted EBITDA, in an all-cash deal. Net leverage was 2.8 times pro forma adjusted EBITDA at September 30, and Roks said he expected it to be within the 1.5 to 2.0 target range by the expected closing of the Ophir deal.

For the fourth quarter, TTM expects net sales of $1.42 billion to $1.44 billion and non-GAAP earnings of $1.77 to $1.83 per diluted share. It expects 2026 net sales of $4.47 billion to $4.49 billion and non-GAAP earnings of $4.97 to $5.03 per share, and gave a preliminary 2027 forecast of net sales of $6.5 billion to $6.75 billion and non-GAAP earnings of $8.10 to $8.90 per share.