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 a schedule change for their upcoming presentation at the Sidoti Micro Cap conference. The company's executive management will now present virtually at 2:30 p.m. ET on Wednesday, January 22nd, 2025.
Investors can register online to access the live webcast presentation, and all registrants will receive an event link. The presentation materials and webcast link will also be available through the investor section of NN's website. Additionally, the executive team will conduct one-on-one and group meetings with registered investors and analysts during the conference.
NN, Inc. (NASDAQ: NNBR) has released its 2023 Sustainability Report, showcasing the company's achievements and initiatives in sustainable business practices throughout fiscal year 2023. The report demonstrates NN's commitment to transparency, innovation, and responsible business operations.
As a global diversified industrial company specializing in high-precision components and assemblies, NN has aligned its reporting with prominent sustainability frameworks, including the Sustainability Accounting Standards Board (SASB) and the Task Force on Climate related Financial Disclosures (TCFD). The report also incorporates materiality topics from the UN Sustainable Development Goals (SDGs).
Stakeholders can access the complete report on the company's website at nninc.com in the sustainability section.
NN, Inc. (NASDAQ: NNBR), a global diversified industrial company specializing in high-precision components and assemblies, has announced its participation in the upcoming Sidoti Micro Cap Conference. The company's leadership team, including President and CEO Harold Bevis and Senior VP/CFO Chris Bohnert, will deliver a virtual presentation on January 23rd, 2025, at 10:45 a.m. ET.
Investors can access the live webcast presentation by registering through a provided link, and presentation materials will be available through the investor section of NN's website at www.nninc.com. The executive management team will also conduct one-on-one and group meetings with investors and analysts registered for the conference.
NN, Inc. (NASDAQ: NNBR), a global industrial company, announced record-setting new business wins for the second consecutive year, totaling $73 million in 2024. This brings the two-year total to $136 million. Key areas of new business include vehicle control, energy efficiency, electrical grid devices, and medical components.
Highlights:
- 2024 new business wins: $73 million
- 2023 new business wins: $63 million
- 2022 new business wins: $38.5 million
- Five-year goal: $325 million in new business wins, targeting $600 million in sales and 13% adjusted EBITDA margins
- 2025 new business pipeline: Over $720 million
- 50 new business programs launching in Q1 2025
- 80 new programs expected for full-year 2025
- 2025 Q1 launches: 50 programs from 11 plants across the US, Brazil, France, Poland, and China, totaling $20.8 million in annualized sales
- Key focus areas: Electrical Power ($250+ million), Vehicle Control ($100+ million), Fuel Efficiency & Hybrid ($100+ million), Medical and Industrial ($100+ million)
CEO Harold Bevis highlighted the company's commitment to innovation and growth, aiming to become an elite supplier in targeted markets. The company's new business acquisition pace will continue into 2025 and 2026, supported by a $720 million pipeline.
NN Inc. (NASDAQ: NNBR) has secured a new $50 million asset-backed senior secured revolving credit facility (ABL). The new ABL Credit Agreement, underwritten by PNC Bank, will mature on either December 30, 2029, or 90 days prior to the company's term loan maturity date, whichever comes first.
The proceeds from this facility were used to refinance outstanding obligations under the company's existing asset-backed loan agreement. According to CFO Chris Bohnert, this refinancing represents a significant step in their comprehensive refinancing efforts, with the favorable terms reflecting market confidence in the company's transformation initiatives.
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.
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