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) 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.
NN, Inc. (NASDAQ: NNBR) announced the closure of its manufacturing facility in Taunton, Massachusetts, part of efforts to optimize its Aerospace, Defense, and Medical manufacturing footprint. The decision aims to improve profitability and cash flow, following an operating loss of $4.7 million attributed to under-utilization at the site. Costs related to the closure are estimated between $1 to $1.5 million for severance and equipment relocation. Approximately 85 employees will be affected, with support offered for those not transferred to other facilities.
NN, Inc. (NASDAQ: NNBR) announced its upcoming release of fourth quarter 2021 financial results on March 10, 2022, after market close. A conference call will follow on March 11 at 9:00 a.m. EDT. Participants can join by registering via phone or through the company's Investor Relations website. The call will be available for replay until March 11, 2023. NN, Inc. specializes in providing high-precision components globally, leveraging advanced engineering and extensive materials science expertise.
NN, Inc. (NASDAQ: NNBR) announced J. Andrew Wall's appointment as Senior VP and Chief Commercial Officer, effective January 10, 2022. Wall will focus on driving global commercial strategy and business development, particularly in electric vehicles and grid infrastructure. He has over 15 years of experience in the electrical power industry, previously holding key roles at ABB. The company aims to capitalize on market growth and enhance customer relations through Wall's expertise in sales and marketing.
NN, Inc. (NASDAQ: NNBR) reported third-quarter 2021 financial results with net sales rising 3.1% to $117.2 million, attributed to recovery in Power Solutions, while Mobile Solutions faced a 2.5% sales decline. Loss from operations grew to $4.6 million, impacted by cost reinstatements and supply chain challenges. Net loss reached $3.4 million compared to a profit of $22 million last year, largely due to discontinued operations. Adjusted EBITDA fell to $9.7 million, and free cash flow showed a use of $3.7 million. Despite growth in Power Solutions, broader inflation and supply chain issues posed challenges.
NN, Inc. (NASDAQ: NNBR) will release its third quarter 2021 financial results on November 4, 2021, after the market closes. A conference call scheduled for November 5 at 9:00 a.m. EDT will provide insights into the results. Participants can register by calling 1-877-317-6789. The call will also be available via webcast on the company's website. NN operates 31 facilities globally, focusing on high-precision components and systems. Forward-looking statements regarding financial performance will be discussed, highlighting potential risks and uncertainties associated with the company's operations.
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