TTM Technologies Inc. (TTMI: Quote) Tuesday reported a profit for the second quarter compared to a loss last year, due mainly to lower operating expenses.
The Santa Ana, California-based company's second-quarter net profit attributable to stockholders was $7.41 million or $0.09 per share, compared to a net loss of $20.90 million or $0.26 per share last year.
For the quarter, adjusted income attributable to stockholders declined to $13.63 million or $0.17 per share from $32.92 million or $0.40 per share in the prior-year quarter. On average, five analysts polled by Thomson Reuters expected the company to earn $0.23 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter dropped to $327.42 million from $366.12 million in the prior-year quarter. Six analysts had a consensus revenue estimate of $329.19 million for the quarter.
For the quarter, total operating expenses decreased to $36.56 million from $85.88 million in the year-ago quarter.
Looking ahead, the company expects third quarter net income attributable to stockholders in the range of $0.08 to $0.16 per share and adjusted earnings attributable to stockholders to range between $0.16 and $0.24 per share. Revenues for the third quarter are anticipated in the range of $340 million to $360 million. Analysts currently expect the company to earn $0.33 per share for the quarter, with revenues of $362.32 million.
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by RTT Staff Writer
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