TTM Technologies, Inc. Q3 2026 Earnings Recap

TTM shares fell 27.7% after earnings, despite record quarterly revenue and a higher full-year revenue outlook. The transcript points to investor concern about the outlook beyond 2026: management described strong demand and a planned $400 million capacity investment aimed primarily at supporting revenue production in 2028, but gave no quantified 2027 or 2028 outlook.

Key Takeaways

• Q3 revenue topped $1.2 billion, a company record; management raised full-year 2026 revenue guidance to $4.47–$4.49 billion.
• Data center and networking demand, particularly for M+M products, and aerospace and defense demand were cited as growth drivers.
• Aerospace and defense backlog reached a record $2 billion, with visibility into roughly 65% of projected 2027 revenue for that business.
• TTM announced a planned additional $400 million investment, expected to begin in Q4 2026 and continue into early 2028, primarily to support 2028 production.
• The call also covered planned European acquisitions and the planned acquisition of Ophir, alongside continued investment in capacity and R&D.