our XXXX quarter a business and review business for an from you of the our begin summary our call. fourth of and fourth our our XXXX quarter follow discussion by of afternoon XXXX QX us and with fiscal highlights financial Sameer. a and followed overview of you, QX Schull, a joining Todd our for will conference Good year I'll strategy. our quarter Thank thank guidance. with results, CFO performance
questions. the open call then to your will We
continued The also the of is despite environment, softened, business In TTM's investor having slide fourth quarter's posted difficult revenue XXXX, COVID-XX supply solid on chain above shown the of a and on and quarter highlights guidance EPS are that three the results non-GAAP challenging the midpoint website. impact labor presentation of our was TTM delivered business. the in while a on environment
our in markets. remained our strong Demand Aerospace weaker demand and in end and and Defense with by offset bookings market bookings record backlog, commercial
year-on-year We this a solid also improvement in QX. I for am profit in quarter in saw employees results our delivering our of environment. tough proud margins
represents XX% inefficiencies QX, demand and As strong continue demand Asia-Pacific weaker our which in due and of revenue our declines, adjustments, will New causing A&D we commercial into now to from market, revenues. to of our markets, look are facilities inventory end we in see Chinese production but margin our Year, some
For the previously TTM with acquisition excluding profitability of grew year-on-year the Telephonics, X.X% I the full improved XXXX, challenges mentioned. despite of year revenue
our operations and from while to Telephonics was shareholders. million, balance enabling to purchase $XXX.X flow capital cash year us strengthen returning Full sheet,
XXXX. ever we despite of manufacturing employees challenges these million have the face have In I environments B our what in proud Term of $XX the accomplished our Xrd, repaid we addition, experienced. Loan that of most am on one January difficult of
differentiated. cyclical a like to now to would I business update. TTM transform less and on is strategic a provide our to journey more be
Aerospace to emphasized market. part product solutions deliver in add our to value consistently our and years, is past that the of several that to TTM the we a key Over customers, Defense the strategy particularly has
resources. In acquired critical RF which as sub-assemblies, capability product highly RF well and and portfolio into XXXX, engineering as components adding broadened we Anaren, TTM's engineered
builds In vertically Aerospace manufacturing. Defense XXXX, engineered Telephonics horizontally strengthening which we addition and Telephonics, into position and expands disciplined and to The offering approach and into on surveillance radar acquired of higher product solutions communications Anaren market, TTM's TTM's culture level the our system engineering and and systems. customer-driven while in
XX% being result strategic of a are less with the electronic PCBs than these from contribution. engineered revenues XX% As over products, moves, of integrated and of A&D overall
agreement this for business This the announcement how assemblies, radars. of provide electronic is an and SPY-X family Raytheon of recent for is [Indiscernible] our example to family multiyear our strategy printed with An strengthening agreement of of radars. the radiofrequency hardware, SPY-X is Technologies boards the circuit
over the for will value PCBs to and to supply has specialized TTM $XXX million radar beamforming our and commitment allows different XX of agreement classes The XXXX. the be five TTM increase with ships network, potential to for of designs SPY-X type reach by years. radars. end along manufactures This multiyear seven customer. these on The assemblies
in element Penang, decision response locations advanced facility the a is outside The this of need a China. PCB our customers' supply to differentiation increasing is in chain particular, build diversification. diversity PCB strategy highly in Malaysia. the manufacturing to regional important current of Another automated direct options multi-layer resiliency sourcing of for and state-of-the-art construction concerns our factory about new new And
as and power Malaysia industrial, the quarter on completed will past markets, commercial the majority completed data facility Malaysian in building, We required roof. for laid networking, the great assist and instrumentation. customers the and facility such progress we as substation, in the foundation, this computing, our the the center made pilings new medical, of The
provide from this business XX% the planned which he multiple has of agreements, whom customers also new capacity deposits base with a long-term in over for signed We building. received
operational our closed performance, utilization, footprint. plant today, to Finally, and the three in press I'd close facilities to improve small that focus, regarding announcing we customer like release profitability. we market announcement discuss to today's consolidation of issued the After order manufacturing total a manufacturing plan
resulting will and TTM's into our and consolidated Hong The in Anaheim talent remaining profitability. California footprint, in closed planned and be operations improve improved both facilities. to are manufacturing expected PCB utilization Santa closures Kong and Clara, across facility
of customers is North TTM close the facilities for allow two continued customer at by We facility plants plan the remaining our support approvals at end facilities. Kong quarter manufacturing sites. order our of the and the end the PCB to the Hong by to America in offering second affected year of necessary other
focused today a actions us expect structure. well are our announcing better to as allow We the more more as with efficient customers we cost serve operations will
respect due and to for with treat with financial to impact. will TTM. not later is their they We working our will discuss where employees all transfer that Todd be are that dedication them these possible employees facilities the into other to the of
five and XXXX to the like our earnings XX% QX Aerospace sales XX% fourth our quarter I'd to QX on and referenced of of end market Defense presentation review of Now, website. sales markets on page which The are total sales represented in compared end of four XX% and XXXX.
to The majority of year-on-year growth of the due inclusion the was Telephonics.
impact, revenues grew that QX organically. X.X% A&D year-on-year Excluding our
experience at continue Telephonics. We a climate defense our positive backlog to with A&D including $X.XX billion, program
including a compared driven of Excluding solid bookings Telephonics, $XXX quarter Telephonics. to was million, a backlog by year $XXX This ago. record program second $X was of million backlog billion
franchise defense a strategic solid positive and in programs. The our market strong budgets, result the for demand a alignment, key of in tailwind program ongoing defense is bookings
SPY-X we During significant programs, including bookings program. MH-XXR radar the for key and saw the quarter,
to end QX of XX% from sales expect total this We about sales. in market represent our
year, the full X.X% grew Telephonics. and For Aerospace revenues excluding Defense
the security, for by Our side passed was revenue national the we that to XXXX, encouraged budget by are was our production expect business. to strong defense market XX% be and support in driven XXXX in the of limited growth continued year chain, In X% above December. market fiscal support of challenges. growth a bipartisan end labor, the In including by projections supply for we X% increase US, defense spending overwhelming
Agency recently had Intelligence also DCSA the Special the or pending Directors DCSA, SSA, TTM announced Counter into of a company Security Board Security by entered has Special We with adopted Resolution XXXX. or the that SBR, Defense Agreement, in or replacing Board confirmation the that the and
continue foreign during compliance of SBR The of maintain of adoption the the States in of national significantly of Aerospace and infrastructure sector United of and as to defense Defense and a customers serve reduced the SSA to the our the our one focus The companies. the security with the US-based on our plans to SSA much maintain the replacement XX robust the TTM. to with developed result of top ownership is company
ago fourth the end quarter instrumentation to market contributed industrial in and XX% medical year the compared The in our XX% in of sales XX% XXXX. total quarter third of quarter the
reducing quick well of as number business. inventory customers our have turn A been as
demand. equipment addition, which the for weighted is instrumentation semiconductor automated toward segment the market, equipment capital weaker test In seeing is
MI&I For to the of XX% revenues. first we be expect quarter,
years industry trends faster took following XX.X% in XXXX, grew XX.X% as in a MI&I For we row market. and and above subsegments the full end three in mega well of year, growth XXXX this XX.X% of growth forecasts growing advantage
In past the these expect the three to be years. demand strength forecast, of feed to XXXX, we as X% segments growth industry the X% following below extraordinary moderated
trends quarter chain XX% automotive XXXX. and shortages represented saw XX% sales by COVID, year quarter impacting had semiconductor the Ukraine-Russia XXXX in sales caused impact automotive during demand during Automotive been compared of of of third combined stable production. total the of sequentially supply XX% the fourth ago We the the and despite disruptions PCBs OEM and for to quarter conflict, that
XX% of in contribute Chinese total QX decline QX QX, resulting days reduced to a due sales Year. expect from in number automotive We business our working of from to slight a New
our due For in to the increased and radar in year, advanced XX% HDI XXXX, market strong was end In X.X%. full areas. product to XX% compared of growth XXXX, technology our automotive automotive
won the revenues record lifetime new future $XXX we $XXX winning this a million a XXXX. Designs in that of in value years. million with year wins This to will quarter. contribute in $XXX In we in XXXX, with are to million, fourth compares designs
this to be X% to X% strong longer below We in of the after recovery. expect forecasts term post-COVID market XXXX
XX% data the third center of sales compared computing XX% and XXXX. in Sales QX the of market quarter fourth total in represented in XXXX of to in end the quarter XX%
to in of a this XX% approximately due in ongoing coupled slowdown represent We in expect weakness semiconductor with data first sales the revenues to market, quarter market. end center the market
XXXX, as inventory we growth across our in XX% XXXX. X% of data For computing center expect driven growth in continued below center to to growth XX.X% by solid market data digestion the saw X.X% In and the XX%, customers grew center forecasted full XXXX in market. be growth end primarily the we data following year,
our to in and In the XX% renamed to of market, fourth of XXXX. of it regards XX% we for compares communications XX% This revenue XXXX. quarter networking of focus accounted the revenue fourth XXXX third quarter Networking have in of during given the networking customers. on quarter end networking, the
revenue of customers inventory levels weak XX% QX, we demand. manage be as expect end In customers this see market to and some their
the in with growth in year, networking networking offset by X.X% partially full For declined declines telecom customers, customers.
forecasts this below due expected anticipated to XXXX the X% We the be to in term of growth to soft X% longer year. start to market the
available some presentation. earnings cover our of information details This I'll Next, the is on page five fourth from quarter. also
Advanced the compares subsystems, to flex, the Products Technology XX% approximately business, approximately in During ago accounted includes systems, components our engineered for quarter, our and and and rigid QX. year This which XX% XX% RF in of and quarter HDI, Engineered revenue.
business leverage capabilities are and technology programs our opportunities engineered engagement continuing increase that new and new markets. design will products can and pursue We activities customer new to and advanced
QX. ago quarter, in year in compared in and was utilization QX XX% Asia-Pacific capacity to PCB in the XX% XX%
overall Our XX% to ago in capacity XX% quarter utilization QX. XX% America and compared in in the PCB in year North was QX
in in plating in the rate additional certain year-over-year capacity America production caused while labor was North regions. to lower earlier shortages by the decline volumes, in was The year Asia-Pacific direct and lower rate added a due in
XXXX. five customers third the compared quarter in the the contributed over quarter. had to XXXX total XX% Our sales of one XX% of customer We fourth top of in in XX% quarter
year XX-day of million end At the was end the year. $XXX.X $XXX is quarter $XXX.X end backlog subject at our million. QX, compared including which Including fourth of Telephonics, not to backlog million to our at last the was Telephonics, cancellations
Our X.XX ended by three reflecting Xnd, January a months ratio including Aerospace the book-to-bill Defense book-to-bill, weaker stronger Telephonics book-to-bill. a commercial and for offset was
of time our Our A&D bookings commercial period to also bookings. a shipped longer compared over
we As commercial into we our looked QX, seeing soften. market are
approvals, full our I except the are holiday season, facilities including spending, explained, As special and down freezing in reducing actions, already restrictions consolidating travel taking Year new for we place. a result, setting as Chinese discretionary New hires with extraordinary putting
revenue key also in on particularly the will several We to limited on chain A&D continue business, focus deliver to which of A&D in supply our the ability bottlenecks, and managing first programs constrain year. has our half
will challenges our for of confident to our we XXXX. able TTM innovation that we through inspiring mission contribute am effort overcome the wish In critical our I with I to to way continuing employees to employees, meantime, thank work as these our be customers. for the of our and
Now, review financial performance Todd for our Todd? will fourth quarter. the
