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) reported an 8.6% increase in net sales to $127.3 million for Q3 2022, driven by improved pricing and demand in Mobile Solutions. Despite sales growth, operational losses narrowed to $2.1 million from $4.6 million year-over-year. Adjusted EBITDA rose to $11.8 million, reflecting a 9.3% margin. The company plans to close its Irvine facility, following a previous closure in Taunton, due to combined adjusted operating losses of $7.5 million. The full-year revenue guidance is revised to $503-$510 million, with a free cash flow outlook of ($12) to ($9) million.
NN, Inc. (NASDAQ: NNBR) announced it will release its third quarter 2022 financial results on November 1, 2022, after market close. A conference call to discuss these results will be held on November 2, 2022, at 9:00 a.m. EDT. Participants must register beforehand by calling 1-877-317-6789. The call will also be available as a webcast on the company's website. NN, Inc. is a global diversified industrial company with extensive engineering and manufacturing capabilities, operating 31 facilities across multiple continents.
NN, Inc. (NASDAQ: NNBR) announced the closure of its manufacturing facility in Irvine, California, as part of a strategic shift to enhance organic growth in the electric vehicle and infrastructure markets. This move follows another closure in Taunton, Massachusetts, and is expected to improve profitability and cash flow. The Irvine closure will affect approximately 55 employees, incurring around $1 million in severance and relocation costs. NN aims to relocate medical-related production and expects to complete the closure by Q1 2023, continuing its focus on operational optimization.
NN, Inc. (NASDAQ: NNBR) reported a 1.8% increase in net sales to $125.4 million for Q2 2022, despite ongoing supply chain disruptions and inflationary pressures. Loss from operations rose to $4.5 million, up from $1.6 million in Q2 2021. Key segments saw mixed results, with Power Solutions delivering $52.0 million in sales (+5.6%) and Mobile Solutions declining slightly to $73.4 million (-0.7%). Adjusted EBITDA decreased to $10.9 million, reflecting challenges in recovering costs. The company revised its 2022 revenue outlook to $510-$525 million, citing ongoing macroeconomic uncertainties.
NN, Inc. (NASDAQ: NNBR) announced it will release its Q2 2022 financial results on August 4, 2022, after market close. A conference call is scheduled for August 5, 2022, at 9:00 a.m. EDT, with registration required for participants. The call will be available via webcast on the company’s website, and a replay will be accessible until August 5, 2023. The company, headquartered in Charlotte, North Carolina, specializes in manufacturing high-precision components and assemblies globally, maintaining 31 facilities across various regions.
NN, Inc. (NASDAQ: NNBR) announced its 2022 Investor/Analyst Day will take place virtually on May 20 at 9:00 am ET. This event will involve presentations from the Executive Team and Board Members, covering the company’s strategy and financial goals. A Q&A session will allow participants to submit questions electronically. The event will be live-streamed, and a replay will be available post-event. NN, Inc. is a diversified industrial company focused on manufacturing high-precision components globally.
NN reported first-quarter results for 2022, emphasizing a revenue increase of 1.0% year-over-year, totaling $128.1 million. Adjusted EBITDA stood at $13.4 million, reflecting 10.5% of sales. Despite challenges, including supply chain disruptions impacting customer demand, net losses decreased to $3.3 million from $4.9 million in 2021, thanks to improved performance from a joint venture. Looking ahead, the company projects revenue between $515 million and $540 million for 2022.
NN, Inc. (NASDAQ: NNBR) will release its Q1 2022 financial results on May 5, 2022, after market close. A conference call is scheduled for May 6, 2022, at 9:00 a.m. EDT, where participants must register prior to the start. The call will also be available via webcast on the company’s website. NN, Inc. specializes in high-precision components and assemblies, operating 31 facilities globally. The company warns that future performance could be affected by numerous risks, including economic conditions and supply chain issues.
NN, Inc. (NASDAQ: NNBR) reported Q4 and full-year 2021 results. Q4 net sales decreased by 7.3% to $110.4 million, attributed to lower Mobile Solutions sales due to semiconductor shortages, while Power Solutions showed growth. The company recorded a net income of $0.5 million in Q4, significantly down from $147.4 million in 2020 due to prior year's gains. For 2021, sales increased by 11.7% to $477.6 million, with adjusted EBITDA at $52.1 million. Looking ahead, 2022 revenue is projected between $515 million and $540 million, assuming normal semiconductor supply.
NN, Inc. (NASDAQ: NNBR) announced an amendment to its $150 million term loan with Oaktree Capital Management. This amendment increases the maximum total leverage ratio covenants for 2022 and 2023, providing the company with enhanced flexibility during challenging macroeconomic conditions. The CEO expressed optimism that pricing actions taken to mitigate inflation will lead to improved profitability in 2022. The amendment does not alter the interest rate on the loan, which remains stable under the revised terms.
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