TTM Technologies Q3营收、EPS双超预期且FY2027指引高于共识，但债务与并购支出令盘前跌约8%

TTM Technologies ( TTMI ) shares fell 8% in premarket trading Thursday despite reporting third-quarter earnings and revenue that beat Wall Street estimates, as investors weighed the company's rising debt and acquisition-related spending. The Santa Ana, California-based manufacturer of printed circuit boards and electronic components reported adjusted earnings of $1.46 a share, beating analysts' consensus estimate of $1.26 by $0.20. Revenue surged 59.9% from a year earlier to a record $1.20 billion, exceeding the consensus estimate of approximately $1.13 billion by $70 million. Net income rose to $84.8 million, or $0.79 a share, from $53.1 million, or $0.50 a share, a year earlier. Long-term debt increased to $1.46 billion at the end of September from $912.3 million at the end of 2025, while short-term debt climbed to $184 million from $3.8 million. The company also recently announced plans to acquire Ophir Optics from MKS ( MKSI ) for $650 million in cash, potentially adding to its borrowing requirements. For investors, TTM Technologies ( TTMI ) is benefiting from two major spending trends: the expansion of artificial intelligence infrastructure and rising demand for military electronics. Its printed circuit boards, radio-frequency components and electronic assemblies are used in data centers, communications equipment and aerospace and defense systems. However, the company's rapid expansion through acquisitions introduces integration risks and greater financial leverage, potentially complicating its ability to sustain earnings growth. As of Wednesday's close, TTM Technologies ( TTMI ) shares had gained 48% this year, compared with a 13% increase for the Standard & Poor's 500 stock index. The stock's substantial advance may also have increased its vulnerability to profit-taking despite the stronger-than-expected results. AI demand drives revenue Data Center and Networking accounted for 41% of third-quarter revenue, up from 30% a year earlier. Sales to the market increased 115%, reflecting demand for equipment supporting AI computing and networking infrastructure.Aerospace and Defense represented 34% of revenue, down from 45% a year earlier as other markets grew faster. Revenue from aerospace and defense customers increased 21%, while the company's program backlog reached $2 billion. Medical, Industrial and Instrumentation sales increased 97%, providing another source of growth. The company's book-to-bill ratio reached 2.13, indicating that new orders were more than twice the value of sales during the quarter. A ratio above 1 generally suggests expanding demand. Adjusted earnings before interest, taxes, depreciation and amortization reached a quarterly record of $242.3 million, representing 20.1% of revenue. That compared with $120.9 million, or 16.1% of revenue, a year earlier. Operating cash flow totaled $154.7 million, up from $141.8 million a year earlier. Free cash flow increased to $74.8 million from $42.6 million. "Once again, we delivered quarterly records for both net sales and non-GAAP EPS," Chief Executive Edwin Roks said in the earnings announcement. Roks said stronger demand across the company's major markets and improvements in operating margins supported its performance. He also expressed confidence that cash generation would help manage debt associated with recent acquisitions and capital investments. Acquisitions increase debt TTM Technologies ( TTMI ) has embarked on a series of acquisitions aimed at expanding its product offerings and geographic presence. Earlier this week, the company announced plans to acquire Ophir Optics from MKS ( MKSI ) for $650 million. The transaction is expected to be financed through cash, future cash flow and borrowings under its existing credit facility.The company also recently agreed to acquire two printed circuit board factories in the United Kingdom and previously announced plans to purchase German circuit board manufacturer ILFA GmbH. Meanwhile, acquisitions of Swiss Technology Group and Epiq Solutions have been completed and are included in the company's current financial outlook.Management said its net leverage ratio stood at 2.8 times pro forma adjusted ebitda as of September 30, following the Epiq acquisition. The company expects that ratio to decline to its targeted range of 1.5 to 2 times by the anticipated closing of the Ophir Optics transaction. The debt increase could become a greater concern if demand slows, integration costs exceed expectations or cash generation falls short of projections. Company forecasts 2027 growth TTM Technologies ( TTMI ) projected fourth-quarter revenue of $1.42 billion to $1.44 billion, with adjusted earnings of $1.77 to $1.83 a share. For the full year, the company expects revenue of $4.47 billion to $4.49 billion and adjusted earnings of $4.97 to $5.03 a share. Its preliminary 2027 outlook calls for revenue of $6.5 billion to $6.75 billion, above Wall Street's consensus estimate of $6.25 billion. The company also forecast adjusted earnings of $8.10 to $8.90 a share for 2027, exceeding the consensus estimate of $7.86 a share. The outlook includes contributions from completed acquisitions but excludes proposed transactions that haven't closed.