Mission Statement, Vision, & Core Values (2024) of TTM Technologies, Inc. (TTMI)

An Overview of TTM Technologies, Inc. (TTMI)

General Summary of TTM Technologies, Inc. (TTMI)

TTM Technologies, Inc. (TTMI) is a leading manufacturer of printed circuit boards (PCBs) and provides advanced technology solutions for various industries, including aerospace, defense, automotive, and data centers. Founded in 1978 and headquartered in Costa Mesa, California, TTM has grown through a series of strategic acquisitions and expansions, positioning itself as a major player in the electronics manufacturing services sector.

As of 2024, TTM Technologies offers a wide range of products, including:

• High-density interconnect (HDI) PCBs
• Rigid and flexible PCBs
• RF and microwave components
• Complex assemblies for aerospace and defense applications
• Engineering services

In 2024, TTM Technologies reported total net sales of $1.79 billion, representing a 7.7% increase from $1.66 billion in 2023. The growth was primarily driven by demand in the data center computing and aerospace and defense markets, despite some weaknesses in automotive and medical sectors .

Company's Financial Performance in the Latest Financial Reports

TTM Technologies has shown robust financial performance in its latest reporting period. For the third quarter of 2024, the company reported:

• Total net sales: $616.5 million, an increase of 7.7% from $572.6 million in Q3 2023.
• Net income: $14.3 million compared to a net loss of $37.1 million in Q3 2023.
• Gross margin: Improved to 21.1% from 19.8% year-over-year, reflecting operational efficiencies and higher sales volumes .

For the first three quarters of 2024, TTM Technologies reported:

• Total net sales: $1.79 billion, up from $1.66 billion in the same period of 2023.
• Net income: $51.1 million compared to a net loss of $36.1 million in the prior year.
• Operating income: $107 million, a significant improvement from a loss of $10.2 million in 2023 .

The company’s strong performance can be attributed to increased demand in its key segments, particularly in aerospace and defense, as well as data center computing, which saw net sales of $119.5 million for Q3 2024 .

Introduction to TTM Technologies as a Leader in the Industry

TTM Technologies stands out as a leading provider in the PCB manufacturing industry, recognized for its innovative technology and commitment to quality. The company operates multiple manufacturing facilities across the globe and serves a diverse customer base, including top OEMs and EMS providers. As of 2024, TTM Technologies markets its products in approximately 60 countries, with significant sales contributions from the United States and Taiwan .

With a strong focus on research and development, TTM continues to enhance its product offerings and expand its market presence, which positions the company well for future growth. The company’s financial resilience and strategic initiatives underscore its status as a leader in the electronics manufacturing services sector, making it a compelling entity for investors and stakeholders interested in the rapidly evolving technology landscape .

Mission Statement of TTM Technologies, Inc. (TTMI)

Mission Statement of TTM Technologies, Inc. (TTMI)

TTM Technologies, Inc. (TTMI) is committed to providing advanced technology solutions in the PCB and RF & Specialty Components markets, with a focus on driving innovation and delivering high-quality products and services to its customers. The company's mission statement emphasizes its dedication to quality, customer satisfaction, and operational excellence, which serve as guiding principles for its long-term strategic goals.

Core Component 1: Quality

Quality is a cornerstone of TTM Technologies' mission. The company aims to exceed customer expectations through superior product quality and reliability. In 2024, TTM reported an overall gross margin of 21.1% for the third quarter, up from 19.8% in the third quarter of 2023, highlighting improved operational execution and quality control measures.

TTM's commitment to quality is also reflected in its extensive certifications and adherence to industry standards, which have solidified its reputation in the aerospace and defense markets, where quality is paramount.

Core Component 2: Customer Satisfaction

Customer satisfaction is integral to TTM's mission. The company actively engages with customers to understand their needs and expectations. In the first three quarters of 2024, TTM's net sales increased by $128.3 million, or 7.7%, compared to the same period in 2023, driven by demand growth in key sectors such as aerospace and defense and data center computing.

This growth underscores TTM's ability to adapt to market demands and enhance customer relationships through tailored solutions and high responsiveness.

Core Component 3: Operational Excellence

TTM Technologies emphasizes operational excellence as a key component of its mission. The company focuses on optimizing its manufacturing processes to improve efficiency and reduce costs. For the first three quarters of 2024, TTM reported operating income of $107.0 million, a significant increase compared to $7.7 million in the same period of 2023.

This operational improvement is attributed to enhanced production capabilities and better capacity utilization, particularly in TTM's Asian facilities, where capacity utilization reached 60% compared to 46% in the third quarter of 2023.

Vision Statement of TTM Technologies, Inc. (TTMI)

Vision Statement Overview

As of 2024, TTM Technologies, Inc. (TTMI) envisions a future where it leads the market in advanced technology solutions, particularly in the printed circuit board (PCB) sector and RF components. This vision is driven by the aim to innovate and provide high-value solutions to its customers while maintaining operational excellence.

Commitment to Innovation

TTM Technologies emphasizes its dedication to innovation as a core component of its vision. The company invests significantly in research and development to enhance its product offerings and improve manufacturing processes.

• Research and Development Expenses: $21.7 million for the first three quarters of 2024.
• Amortization of definite-lived intangible assets: $35.6 million for the first three quarters of 2024.

Market Leadership in Key Sectors

TTM Technologies aims to solidify its position as a leader in critical sectors such as aerospace, defense, and data center computing.

Operational Excellence

Operational excellence is a cornerstone of TTM's vision, focusing on efficiency and quality in production processes.

• Overall gross margin improved to 21.1% in Q3 2024 from 19.8% in Q3 2023.
• Capacity utilization in Asia PCB facilities reached 60% in Q3 2024, up from 46% in Q3 2023.

Customer-Centric Approach

TTM Technologies prioritizes its customers by ensuring that its products meet the highest standards of quality and reliability, reflecting its vision of being a trusted partner in technology solutions.

• Customer satisfaction metrics indicate improvement, with a focus on meeting delivery timelines and product quality.

Sustainability and Corporate Responsibility

The company is committed to sustainability and corporate social responsibility, integrating these values into its vision for the future.

• Investment in sustainable manufacturing practices is a priority, with ongoing projects aimed at reducing environmental impact.
• Community engagement initiatives have increased, reflecting TTM's commitment to being a responsible corporate citizen.

Global Expansion Strategy

TTM Technologies aims for global expansion, targeting emerging markets to enhance its footprint and capture new opportunities.

• Net cash used in investing activities was $93.4 million in the first three quarters of 2024, primarily for acquisitions and capital expenditures.

Core Values of TTM Technologies, Inc. (TTMI)

Integrity

Integrity is a foundational core value at TTM Technologies, Inc. (TTMI), emphasizing honesty and transparency in all operations.

TTMI demonstrates its commitment to integrity through its corporate governance practices. The company adheres to stringent compliance measures, ensuring that all financial reporting is accurate and reflects true operational performance. This is evident from its financial statements, which show a net income of $51.1 million for the first three quarters of 2024, compared to a net loss of $36.1 million for the same period in 2023 .

Innovation

Innovation drives TTM's competitive edge, fostering a culture of continuous improvement and cutting-edge technology development.

In 2024, TTMI invested approximately $23.9 million in research and development, up from $19.7 million in 2023. This investment supports advancements in its PCB and RF&S Components segments, particularly in aerospace and data center computing . The company’s revenue from aerospace and defense grew to $821.8 million in 2024, reflecting a robust demand for innovative solutions .

Customer Focus

Customer focus is central to TTM's operations, ensuring that client needs guide product development and service delivery.

TTMI has maintained strong relationships with its top ten customers, who accounted for 54% of net sales in the third quarter of 2024 . The company’s net sales reached $616.5 million in Q3 2024, driven by increased demand in key markets . This customer-centric approach has led to improved satisfaction and retention rates.

Excellence

Excellence reflects TTMI's commitment to high-quality standards and operational efficiency across all business areas.

In 2024, TTMI achieved a gross margin of 21.1% for the third quarter, an increase from 19.8% in the previous year, indicating enhanced operational efficiency . The company also reported a total operating income of $107 million for the first three quarters of 2024, showcasing its focus on excellence in execution .

Teamwork

Teamwork fosters collaboration and unity within TTMI, driving collective success through shared goals and values.

TTMI emphasizes training and development programs that enhance team collaboration, investing approximately $6.8 million in employee training in 2024. The company's ability to adapt to market changes and innovate is largely attributed to its strong team dynamics, enabling a coordinated response to customer needs and market demands.

Updated on 16 Nov 2024

Resources:

1. TTM Technologies, Inc. (TTMI) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of TTM Technologies, Inc. (TTMI)' financial performance, including balance sheets, income statements, and cash flow statements.
2. SEC Filings – View TTM Technologies, Inc. (TTMI)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.