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.
On June 5, 2024, NN announced its participation in the Sidoti June Small Cap Investor Conference. The presentation by CEO Harold Bevis and CFO Michael Felcher is scheduled for June 13, 2024, at 1:45 p.m. ET and will be available for live streaming. Attendees can access the webcast and presentation materials via the provided link or NN's investor section on their website. Executive management will also engage in individual and group meetings with institutional investors during the event.
NN, a global diversified industrial company, announced that its Wuxi, China plant received 2023 “Excellent Quality” awards from DENSO and Nidec DENSO, the second largest auto parts supplier, and Nidec, the largest electric motor company, recognized NN for delivering six sigma quality. The awards highlight NN's role in the China auto production industry, contributing to fuel systems, power steering, powertrains, and transmissions.
Harold Bevis, CEO of NN, emphasized the company's growth in China, noting $30 million of new business as part of an $80 million global portfolio, with a $550 million pipeline targeting $55-$70 million per year in new business. NN China employs over 1,300 people and operates two wholly-owned plants and a joint venture.
NN, Inc. reported its financial results for the first quarter of 2024, showing improvements in profitability and new business wins. Despite a 4.6% decrease in net sales, the company managed to increase adjusted EBITDA by 38.9% compared to the prior year. NNBR secured $17.2 million in new business awards in the first quarter and $80 million in the last 5 quarters. The company is focusing on strategic transformation, cost-out actions, and growth initiatives to optimize performance further. Despite soft spots in the U.S. commercial vehicle and residential construction markets, NN, Inc. is confident in its 2024 guidance for sales, adjusted EBITDA, free cash flow generation, and new business wins.
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