WASHINGTON (dpa-AFX) - TTM Technologies Inc. (TTMI) on Tuesday reported fourth-quarter net income attributable to stockholders of $8.38 million or $0.10 per share, down sharply from $33.03 million or $0.41 per share in the prior-year period.
Excluding a goodwill impairment charge, net income declined to $20.99 million or $0.26 per share from $33.03 million or $0.41 per share a year ago.
The printed circuit boards maker's adjusted net income declined to $27.67 million or $0.34 per share from $39.67 million or $0.49 per share in the prior-year period. On average, five analysts polled by Thomson Reuters expected earnings of $0.30 per share for the quarter. Analysts' estimates typically exclude one-time items.
Net sales for the quarter declined to $361.46 million from $373.39 million in the same period last year. Analysts estimated revenues of $352.85 million for the quarter.
TTM said it will temporarily close its SYE plant located in Dongguan, China for repairs and upgrades to the facility. The company expects to transfer the majority of SYE's production and many of the employees to other facilities located in South China and expects to provide continuous support to its customers with minimal interruption.
Looking ahead to the first quarter, TTM forecasts reported earnings in a range of $0.11 to $0.20 per share, adjusted earnings of $0.19 to $0.28 per share and revenues in a range of $310 million to $330 million. Analysts expect the company to earn $0.28 per share for the quarter on revenues of $329.63 million.
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