What happened?
Shares of PCB manufacturing company TTM Technologies (NASDAQ: TTMI) fell 23.8% in the morning session after the company reported third-quarter financial results and issued fourth-quarter revenue guidance between $1.42 billion and $1.44 billion against a $1.44 billion consensus estimate.
According to a company press release, TTM Technologies reported third-quarter revenue of $1.20 billion, up 59.9% year on year, and adjusted earnings of $1.46 per share. Both results beat Wall Street consensus estimates, which called for revenue of $1.12 billion and adjusted earnings of $1.26 per share. TTM Technologies completed the acquisitions of Swiss Technology Group and Epiq Solutions, and forecast fourth-quarter revenue between $1.42 billion and $1.44 billion alongside adjusted earnings of $1.77 to $1.83 per share. The midpoint of the fourth-quarter revenue guidance trailed the consensus estimate of $1.44 billion. The decline indicated that investors were focused on the cautious top-line outlook, as projected sales lagged expectations despite the addition of the acquired businesses.
The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks. Is now the time to buy TTM Technologies? Access our full analysis report here, it’s free.
What is the market telling us
TTM Technologies’s shares are extremely volatile and have had 76 moves greater than 5% over the last year. But moves this big are rare even for TTM Technologies and indicate this news significantly impacted the market’s perception of the business.
The previous big move we wrote about was 3 days ago when the stock gained 4.3% on the news that retreating Treasury yields and broad technology dip-buying supported equities, with the company agreeing to acquire MKS Inc.'s Ophir Optics unit for approximately $650 million in cash.
The rebound follows a 4.5% drop in the Nasdaq the previous week, as the benchmark 10-year U.S. Treasury yield slipped to 5.085%, per CNBC reporting. In a company press release, TTM stated that it plans to fund the all-cash transaction using cash on hand, anticipated cash flows, and credit facility borrowings. The transaction is scheduled to close in the second quarter of 2027 and provide immediate accretion to non-GAAP diluted earnings per share and adjusted EBITDA margins.
MKS reported that the $650 million purchase price represents a valuation multiple exceeding 18 times Ophir's projected fiscal 2026 adjusted EBITDA. The transaction adds precision infrared optics and laser measurement instrumentation to TTM's specialized aerospace and defense product lines. For electronics manufacturing suppliers, acquiring proprietary electro-optical capabilities could shift the revenue mix away from build-to-print circuit fabrication toward sole-sourced, mission-critical subsystems.
TTM Technologies is up 7.4% since the beginning of the year, but at $75.83 per share, it is still trading 65.8% below its 52-week high of $221.47 from June 2026. Investors who bought $1,000 worth of TTM Technologies’s shares 5 years ago would now be looking at an investment worth $5,642.
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