TTM Technologies’ second quarter was met with a negative market reaction despite revenue, non-GAAP profit, and adjusted EBITDA all surpassing Wall Street expectations. Management credited broad-based demand in aerospace and defense, data center computing, networking, and medical, industrial, and instrumentation markets for the performance. CEO Thomas Edman highlighted the company's diversified end markets and manufacturing footprint as key factors in minimizing tariff impacts and supporting top-line growth. The quarter also marked the announcement of Edman’s planned retirement, signaling an upcoming leadership transition.

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

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 Q2 Earnings Call

• James Ricchiuti (Needham & Co.) asked about the timeline and customer-driven rationale for the new Wisconsin facility. CEO Thomas Edman explained that investment will proceed as customers commit, particularly for critical infrastructure and data center needs.
• James Ricchiuti (Needham & Co.) also questioned the impact of Penang’s slower ramp on competitive positioning and growth. Edman stated the delay should not affect competitiveness due to a head start in Malaysia but acknowledged yield optimization is taking longer than expected.
• Ruben Roy (Stifel) inquired about capacity additions and technology shifts in China facilities. Edman described ongoing expansion and new capabilities, especially for advanced multilayer and asymmetric designs targeting data center applications.
• William Stein (Truist Securities) sought clarity on segment overlap and drivers of high operating margins. CFO Daniel Boehle attributed margin gains primarily to favorable product mix, with units contributing but mix being the main factor.
• Michael Crawford (B. Riley Securities) pressed for details on planned expansions in Penang and Syracuse and potential acquisition activity. Edman outlined phased capacity targets and noted the M&A pipeline remains active, with more opportunities expected as valuations adjust.

Catalysts in Upcoming Quarters

In the quarters ahead, our analysts will be watching (1) evidence of customer commitments that trigger investment in new U.S. production capacity, (2) progress toward breakeven and yield improvements at the Penang facility, and (3) further growth in aerospace and defense program backlogs, especially related to radar and AI-driven applications. Ongoing leadership transition and any developments in M&A activity will also be key signposts.

TTM Technologies currently trades at $46.79, down from $48.74 just before the earnings. In the wake of this quarter, is it a buy or sell? See for yourself in our full research report (it’s free).

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