Welcome to our dedicated page for NN news (Ticker: NNBR), a resource for investors and traders seeking the latest updates and insights on NN stock.
NN Inc (NNBR) is a global diversified industrial company that specializes in engineering and manufacturing high-precision solutions and components. Based in Charlotte, North Carolina, NN Inc operates primarily in two business segments: Mobile Solutions and Power Solutions. The Mobile Solutions segment targets the automotive and general industrial markets, while the Power Solutions segment focuses on the electrical, aerospace, and defense sectors. Additionally, the company has a strong international presence with operations in China, Mexico, Brazil, Germany, and other countries.
In 2023, NN Inc unveiled a multi-year strategic transformation plan aimed at realigning its commercial and operational strategies. This plan has already resulted in significant financial and operational improvements, including enhanced margins, better free cash flow performance, and accelerated sales growth. The company reported net sales of $112.5 million for the fourth quarter of 2023, although this indicated a 4.6% decrease from the same period in 2022 due to reduced volumes. Despite this, NN Inc managed to lower its loss from operations to $7.9 million, showing a positive trend compared to the $11.0 million loss in the previous year.
For the fiscal year 2023, NN Inc reported net sales of $489.3 million, representing a 1.9% decline. Nonetheless, the company saw improvements in adjusted operational income, reaching $3.1 million. This improvement is attributed to cost-saving measures, such as facility closures and labor cost reductions. The company's Power Solutions segment registered a net sales of $185.9 million for 2023, while the Mobile Solutions segment achieved $303.3 million during the same period.
One of the key drivers for NN Inc's future growth is its robust pipeline of opportunities, valued at approximately $500 million for 2024. The company secured 23 new business wins in the first quarter, averaging $700,000 each and spanning regions like North America, South America, Europe, and China. These wins are primarily in areas such as vehicle electrification, fuel efficiency, greenhouse gas reduction solutions, electrical grid expansion, and orthopedic medical products.
In addition to its business segments, NN Inc has a strong focus on innovation and partnerships. The company's advanced engineering and in-depth materials science expertise enable it to deliver high-precision components and assemblies that meet the stringent requirements of its diverse clientele. NN Inc is also committed to expanding its technical capabilities and operational performance through ongoing improvements and strategic investments.
Looking ahead, NN Inc remains focused on achieving profitable sales growth and optimizing its business operations. The company's leadership team, led by President and CEO Harold Bevis, continues to drive the strategic transformation plan, ensuring NN Inc is well-positioned for both short-term and long-term success. For more detailed information about NN Inc and its products, please visit their official website at www.nninc.com.
NN Inc (NASDAQ: NNBR), a global diversified industrial company specializing in high-precision components and assemblies, has announced its participation in the Noble Capital Markets' NobleCon20 conference. Chris Bohnert, SVP and CFO, will deliver a presentation on December 3rd at 1:30 p.m. ET at Florida Atlantic University's Executive Education Complex. The management team will also engage in one-on-one and group meetings with registered investors. Presentation materials will be accessible through the investor section of NN's website.
NN, Inc. (NASDAQ: NNBR) announced that its executive management team will present at the Gabelli Funds 48th Annual Automotive Symposium in Las Vegas on November 4, 2024. Harold Bevis, President and CEO, and Chris Bohnert, Senior VP and CFO, will deliver their presentation at 11:20 a.m. PT (2:20 p.m. ET). Investors can register online to access the live event, and presentation materials will be available through the investor section of NN's website. The management team will also conduct one-on-one and group meetings with investors and analysts attending the conference.
NN Inc. (NNBR) reported Q3 2024 financial results with net sales of $113.6 million, down 8.7% from Q3 2023. The company posted a net loss of $2.6 million and adjusted EBITDA of $11.6 million (10.2% of sales). New business wins reached $15 million in Q3, with year-to-date totals of $49 million. China sales grew 19% year-over-year. The company implemented a $2 million annualized cost-reduction program and reduced its leverage ratio to 2.97x. NN maintains its 2024 outlook with revenue guidance of $465-485 million and adjusted EBITDA of $47-51 million.
NN Inc. (NASDAQ: NNBR) has rescheduled its third quarter 2024 earnings release to October 30, 2024, after market close, one day earlier than initially planned. The company, which engineers and manufactures high-precision components and assemblies, will host its earnings conference call on October 31, 2024, at 9:00 a.m. E.T. Participants can join via phone or webcast through the company's Investor Relations website, with replay available until October 31, 2025.
NN, Inc. (NASDAQ: NNBR), a global diversified industrial company, has announced its plan to release third quarter 2024 financial results on Thursday, October 31st, 2024, after market close. The company will host a conference call to discuss these results on Friday, November 1st, 2024, at 9:00 a.m. E.T.
Participants can join the call by dialing 1-877-255-4315 (U.S.) or 1-412-317-6579 (outside U.S.). The call will also be webcast through NN's Investor Relations website. For those unable to attend live, a replay will be available on the company's website until November 1st, 2025.
NN, Inc. (NASDAQ: NNBR) reported its Q2 2024 financial results, showing continued profitability improvement driven by its strategic transformation plan. Key highlights include:
- Net sales of $123.0 million, down 1.8% year-over-year
- Operating loss of $2.1 million, a 47.5% improvement
- Adjusted EBITDA of $13.4 million, up 27.6%
- New business awards of $34.3 million year-to-date
- Sale of non-core plastics plant, using $15.4 million to pay down debt
The company reaffirmed its full-year 2024 outlook, projecting revenue between $465-485 million and adjusted EBITDA of $47-51 million. NN continues to focus on profitability enhancement, operational performance, and accelerating new business wins.
NN, Inc. (NASDAQ: NNBR), a global diversified industrial company, has announced its plans to release second quarter 2024 financial results on August 7, 2024, after market close. The company will host a conference call to discuss these results on August 8, 2024, at 10 a.m. E.T. Participants can join the call by dialing 1-877-255-4315 (U.S.) or 1-412-317-6579 (outside U.S.). The call will also be webcast live through NN's Investor Relations website. For those unable to attend, a replay will be available on the company's website until August 8, 2025.
NN, Inc. (NASDAQ: NNBR) has appointed Jami Statham as the new Senior Vice President, General Counsel, and Corporate Secretary. Statham brings nearly two decades of legal experience in automotive manufacturing, negotiation, and litigation. Reporting directly to CEO Harold Bevis, she is expected to enhance NN's legal and compliance strategies. Statham's background includes roles at Nexteer Automotive, Autoneum North America, and Akebono Brake Her expertise includes managing legal matters like customer negotiations and supply chain issues. Statham’s appointment is seen as a strategic move to strengthen NN’s leadership team and navigate complex global manufacturing legal challenges.
NN, a global industrial company, announced the sale of its non-core plastics plant, Industrial Molding (IMC), to Davalor Mold Company for $16 million. This move aligns with NN's strategic transformation to focus on high-precision components and assemblies. NN plans to use the proceeds to reduce debt and improve its balance sheet. The sale will not impact the rest of NN's business. NN also updated its 2024 outlook, projecting revenues of $465-$485 million, adjusted EBITDA of $47-$51 million, free cash flow of $8-$12 million, and new business wins of $55-$70 million. The company aims to sustain profitable growth and emphasizes climate leadership, diversity, and inclusion.
NN, a global diversified industrial company, has appointed Chris Bohnert as Chief Financial Officer, effective June 25, 2024. Bohnert, with 30 years of global manufacturing leadership experience, succeeds Mike Felcher, who will stay on as a consultant during the transition. Bohnert brings expertise in successful business transitions, investor relations, and IT, previously serving as advisor to the CEO at Commercial Vehicle Group. The appointment aims to accelerate NN's transformation efforts. Bohnert is set to receive equity awards as part of his compensation, designed to align his interests with those of shareholders and ensure long-term retention.
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