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What happened

Shares of TTM Technologies (NASDAQ:TTMI) gained as much as 18.5% around noon Eastern time on Thursday. The maker of advanced printed circuit board products delivered a strong third-quarter report, exceeding both its own and Wall Street's earnings targets by a wide margin.

So what

In the third quarter, TTM saw adjusted earnings rise 63% year over year to $0.39 per diluted share while revenues fell 1.6% to $641.7 million. Management's guidance for the quarter had pointed to earnings near $0.33 per share on $640 million in top-line sales. Analyst estimates were roughly in line with the guidance figures.

"Strong operational execution drove non-GAAP earnings above the high end of our guidance," said CEO Tom Edman in a prepared statement. "Sequentially, a sharp acceleration in the cellular end market more than offset modest declines in the networking and communications end market, demonstrating the benefits of diversification."

Now what

And those market tides may very well turn in the opposite direction at a moment's notice, given the impending entry of 5G wireless networks and the eternal volatility of consumer trends. TTM has indeed done well to build such a resilient client portfolio across many industries.

The 2015 merger of equals with fellow circuit board maker Viasystems is now more than one year behind TTM, and the integration of the two businesses has been kind to investors.

Despite the shifting sands of the end markets and the pitfalls that come with game-changing mergers, TTM has beaten Wall Street's earnings targets in every report since the fourth quarter of 2014. Annual sales have nearly doubled compared to the pre-merger level, and TTM shares are trading at multiyear highs today.

That doesn't mean you're too late to join this bandwagon. TTM was always an interesting play on technology growth, and remains positioned for further gains even now. Shares are trading at a bargain-basement 10 times forward earnings estimates and just 1.6 times the company's book value.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.