WASHINGTON (dpa-AFX) - TTM Technologies Inc. (TTMI), Monday said lowered its revenue outlook for the fourth quarter, while at the same time lifted the lower end of adjusted earnings guidance.
The company expects fourth-quarter revenues of $705 million to $715 million, down from previous guidance of $720 million to $760 million. TTM expects its adjusted earnings to be between $0.46 and $0.50 per share, compared to prior estimate of $0.44 to $0.50 per share.
Analysts polled by Thomson Reuters currently estimate earnings of $0.47 per share and revenues of $736.95 million.
'In the fourth quarter, TTM saw year on year declines in the cellular and automotive end markets partially offset by growth in the aerospace and defense and computing end markets that will result in revenues below our previous guidance,' said Tom Edman, CEO of TTM.
'However, strong operational and expense management is expected to result in profits better than previously forecasted. In addition, we were able to repay $30 million of our Term Loan B in December, bringing total debt repayments to $114 million since the close of our acquisition of Anaren on April 18th, 2018.'
TTM will release its fourth quarter 2018 financial results and outlook for the first quarter of 2019 after the market closes on Wednesday, February 6th, 2019.
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