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TTM Technologies profit misses consensus by 68.3% in fiscal Q1

TTM Technologies Inc. said its normalized net income for the fiscal first quarter ended March 28 was 3 cents per share, compared with the S&P Capital IQ consensus estimate of 8 cents per share.

EPS declined 56.2% year over year from 6 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $2.5 million, a decline of 48.3% from $4.9 million in the year-earlier period.

The normalized profit margin fell to 0.4% from 1.5% in the year-earlier period.

Total revenue climbed 77.2% on an annual basis to $583.3 million from $329.2 million, and total operating expenses grew 77.2% on an annual basis to $558.5 million from $315.2 million.

Reported net income came to a loss of $7.0 million, or a loss of 7 cents per share, compared to income of $3.4 million, or 4 cents per share, in the prior-year period.