TT Electronics ( (GB:TTG) ) just unveiled an update.
TT Electronics has announced a delay in the release of its 2024 final results due to additional audit requirements, with expectations of adjusted operating profit aligning with prior guidance. Despite strong free cash flow, the company anticipates a non-cash accounting impairment of up to £35 million in North America due to a downturn in components demand and operational challenges, along with a prior year results adjustment of up to £6 million. The company remains focused on its medium-term goals, although it now expects delays in achieving a 12% adjusted operating margin target. Additionally, a change in the CFO position is scheduled following the revised results announcement.
More about TT Electronics
TT Electronics is a global provider of engineered electronics solutions for performance-critical applications. The company focuses on addressing technology challenges in high-growth markets such as healthcare, aerospace, defense, electrification, and automation. TT Electronics invests in research and development to produce reliable, mission-critical products including sensors, power management, and connectivity solutions, with operations in the UK, North America, and Asia.
YTD Price Performance: -21.32%
Average Trading Volume: 696,524
Technical Sentiment Consensus Rating: Buy
Current Market Cap: £148M
Learn more about TTG stock on TipRanks’ Stock Analysis page.