Why TTM Technologies, Inc. Shares Fell 18% in August

Shares of quick-turn circuit board manufacturer TTM Technologies (NASDAQ: TTMI) fell 18.1% in August, according to data from S&P Global Market Intelligence. After a huge run-up that had added 73% to the stock's value over the previous 52 weeks, TTM's momentum was punctured by a disappointing earnings report.

In the second quarter, TTM's revenues increased 4.2% year over year to stop at $627 million. Adjusted earnings rose 15% to $0.31 per share. Analysts had been expecting earnings closer to $0.35 per share on roughly $629 million in top-line sales, so TTM fell short on both counts. Management noted that these results would have landed near the top end of guidance if not for the U.S. dollar's weakening exchange rate versus currencies in the Far East.

Furthermore, management's guidance for the third quarter pointed to year-over-year revenue growth of just 1.3% and 18% lower earnings because a few key smartphone customers pushed their next flagship model releases closer to the end of the calendar year.

Source: Fool.com