Robert P. Farrell, President of TTM Technologies Inc. (NASDAQ:), recently sold 644 shares of the company’s common stock, according to a Form 4 filing with the Securities and Exchange Commission. The shares were sold at a price of $23.24 each, amounting to a total transaction value of $14,966. This sale was part of a pre-arranged trading plan under Rule 10b5-1, executed to sell shares for cash following the vesting of restricted stock units (RSUs).
In a separate transaction, Farrell disposed of 296 shares to cover tax liabilities associated with the vesting of RSUs, valued at $6,879. Following these transactions, Farrell holds 22,018 shares of TTM Technologies.
In other recent news, TTM Technologies reported a significant increase in Q3 revenue to $616.5 million, up from $572.6 million in the same quarter of the previous year. The company attributed this growth to strong demand in the aerospace and defense sectors, which contributed 46% of the revenue, and the data center computing market. Notably, TTM Technologies posted a net income of $14.3 million, a substantial improvement from a net loss of $37.1 million in Q3 2023.
In addition to these financial improvements, the company is making strategic investments, including new facilities in Penang, Malaysia, and Syracuse, New York. These initiatives reflect TTM Technologies’ commitment to mitigating the cyclical impacts of the market and positioning itself for future growth.
As for future expectations, TTM Technologies anticipates Q4 net sales to range between $610 million and $650 million and non-GAAP earnings per diluted share of $0.44 to $0.50. However, the company also acknowledged challenges in forecasting beyond the next two quarters due to market uncertainties. These are some of the recent developments at TTM Technologies.
InvestingPro Insights
TTM Technologies Inc. (NASDAQ:TTMI) has been experiencing significant market momentum, as evidenced by its strong performance metrics. According to InvestingPro data, the company has seen a robust 60.65% price total return over the past year, with a 26.94% increase in the last six months alone. This upward trend aligns with the recent insider selling activity, as executives often capitalize on stock price appreciation.
Despite the recent share sale by President Robert P. Farrell, there are positive indicators for TTM Technologies’ financial health. An InvestingPro Tip highlights that the company’s net income is expected to grow this year, which could…
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