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 a strong performance for Q1 2021, with net sales increasing by 9.1% to $126.8 million, driven largely by Mobile Solutions' growth of 11.3%. The company improved its income from operations to $1 million from a loss of $103.9 million year-over-year, aided by cost-reduction strategies. Adjusted net income reached $2.2 million, or $0.05 per diluted share. Free cash flow improved to $2.4 million. CEO Warren Veltman highlighted growth in North America and China, despite challenges in the Power Solutions segment due to external market pressures.
NN, Inc. (NASDAQ: NNBR) announced the release date for its first-quarter 2021 financial results, set for May 6, 2021, post-market. A conference call will follow on May 7, 2021, at 9:00 a.m. EDT, where participants can register in advance. The call will also be webcast and available for replay on their website until May 6, 2022. NN, Inc. operates 32 facilities globally, focusing on high-precision components and assemblies.
NN, Inc. (NASDAQ: NNBR) announced the appointment of João Faria to its Board of Directors, effective April 13, 2021. Faria, who has extensive experience in manufacturing and engineering, particularly in the electric vehicle sector, currently serves as President of the Vehicle Group/eMobility at Eaton Corporation. His global expertise in vehicle electrification is expected to enhance NN's growth strategies. Following this appointment, NN’s Board will consist of nine directors, with plans to reduce to eight after the retirement of Steven Warshaw.
NN, Inc. (NASDAQ: NNBR) will hold an investor update on April 7, 2021, at 9 a.m. ET. The conference call will detail the Company's long-term growth strategy and current management outlook, alongside updates on a recent refinancing transaction. Participants can join via the Company's website, with a replay available until April 21, 2021. NN, Inc. operates globally, focusing on high-precision components across various markets. The call will include a presentation and a Q&A session, fostering investor engagement.
On March 22, 2021, NN, Inc. (NASDAQ: NNBR) announced the successful completion of a $265 million financing arrangement, which includes a $50 million asset-based credit line, a $150 million term loan, and a $65 million preferred stock issuance. This financing aims to enhance the company's balance sheet by repaying existing debt and preferred stock, thus providing financial flexibility for ongoing business transformation efforts. The company is optimistic about growth opportunities in vehicle electrification, smart grid technologies, and aerospace and defense sectors.
NN, Inc. (NASDAQ: NNBR) reported its Q4 and full-year financial results for 2020 on March 11, showing significant recovery from the pandemic. Q4 net sales rose 7.5% to $119 million, with Mobile Solutions up 11.8%. Although GAAP net income was $147.4 million due to a gain from selling its Life Sciences business, the net loss from continuing operations increased to $15.5 million due to a prior accounting change. For the year, total sales decreased 12.7% to $427.5 million, influenced by a $92.9 million goodwill impairment. The CEO noted optimism for 2021, citing increased demand and operational momentum.
NN, Inc. (NASDAQ: NNBR) announced the appointment of Dr. Shihab Kuran to its Board of Directors, effective March 8, 2021. Dr. Kuran brings nearly 30 years of experience in the energy sector, particularly in renewable energy and smart grid technology. He is currently the CEO of Power Edison and has held significant roles at NRG Energy and SunEdison Advanced Solutions. His expertise is expected to enhance NN's growth strategies, especially in the Power Solutions segment. The Board now comprises eight directors, with seven being independent.
NN, Inc. (NASDAQ: NNBR) will release its fourth quarter and full year 2020 financial results on March 11, 2021, after market close. A conference call will take place at 9 a.m. ET on March 12, 2021, to discuss the results, which can be accessed via the company’s website. NN, Inc. specializes in manufacturing high-precision components and assemblies for various global markets from its 32 facilities across North America, Europe, South America, and China. Notably, the press release includes cautionary forward-looking statements regarding the company's financial performance amid economic uncertainties.
NN, Inc. has announced the appointment of Jeri Harman as the new Board Chairman, effective January 4, 2021, succeeding Robert Brunner, who will remain on the Board as a Director. Harman, who has extensive financing experience, has been with NN’s Board since February 2019 and played a key role during the company’s strategic review, including the sale of its Life Sciences division. The Board also noted the retirement of Directors David Floyd and Steven Warshaw, with plans to fill these positions. The leadership change aims to strengthen NN's position in the diversified industrial sector.
NN, Inc. (NASDAQ: NNBR) reported a 5.6% decline in net sales for Q3 2020, amounting to $113.8 million due to lower demand from the automotive and energy sectors, exacerbated by the COVID-19 pandemic. Despite this, the company achieved a net income of $22.0 million, a significant improvement from a loss of $5.9 million in Q3 2019. Operational adjustments led to enhanced margins in certain segments. The Mobile Solutions and Power Solutions segments experienced adjusted income from operations of $6.3 million and $5.4 million, respectively, although both faced revenue declines.
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