TTM Technologies’ third quarter was marked by robust revenue and earnings, surpassing Wall Street’s expectations, yet the market responded negatively. Management credited strong demand in both aerospace and defense as well as AI-related applications for data centers and networking as core drivers of growth. CEO Edwin Roks noted, “Approximately 80% of our total sales in the quarter related to two very strong industries, aerospace and defense and AI.” The quarter also saw a shift in sales timing within the aerospace and defense segment, which benefited from program backlog stability and key project wins. However, there were some margin headwinds due to ongoing investments in the company’s new Penang facility.

Is now the time to buy TTMI? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From TTM Technologies’s Q3 Earnings Call

• James Ricchiuti (Needham & Co.) asked about visibility in the data center market and additional capacity. CEO Edwin Roks explained visibility extends 6–9 months and capacity is balanced between North America and Asia.
• Ricchiuti (Needham & Co.) also inquired about margin headwinds at Penang. CFO Daniel Boehle clarified the Q3 impact was about 195 basis points, improving from Q2, and expects further improvement in Q4.
• Michael Crawford (B. Riley Securities) pressed for global PCB manufacturing share and data center positioning. CEO Edwin Roks stated TTM is #1 in the U.S. and ranks 6th–7th globally, with a focus on high-end and data center applications.
• Crawford (B. Riley Securities) sought detail on PCB layer count advancements. Roks described progress toward 87-layer boards and investments in heterogeneous integration, positioning TTM for demanding AI and defense needs.
• William Stein (Truist Securities) questioned which financial metrics matter most for new CEO Roks. Roks prioritized gross margin and cash generation, emphasizing growth but also maintaining operating discipline.

Catalysts in Upcoming Quarters

In the coming quarters, our team will monitor (1) continued booking strength and backlog in aerospace and defense, (2) yield and volume ramp-up progress at the Penang facility, and (3) the pace of AI-driven demand in data center and networking end markets. Execution on yield improvements, customer adoption of advanced PCB solutions, and further updates on the Syracuse facility build-out will be key indicators.

TTM Technologies currently trades at $65.50, up from $63.58 just before the earnings. In the wake of this quarter, is it a buy or sell? The answer lies in our full research report (it’s free for active Edge members).

High-Quality Stocks for All Market Conditions

Trump’s April 2025 tariff bombshell triggered a massive market selloff, but stocks have since staged an impressive recovery, leaving those who panic sold on the sidelines.

Take advantage of the rebound by checking out our Top 6 Stocks for this week. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025).

Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+354% five-year return). Find your next big winner with StockStory today.

StockStory is growing and hiring equity analyst and marketing roles. Are you a 0 to 1 builder passionate about the markets and AI? See the open roles here.