CHARLOTTE, N.C., Oct. 17, 2024 (GLOBE NEWSWIRE) -- NN, Inc. (NASDAQ: NNBR), a global diversified industrial company that engineers and manufactures high-precision components and assemblies, announced today that it will release its third quarter 2024 financial results for the period ended September 30th, 2024, after the close of the market on Thursday, October 31st, 2024. The Company will hold a related conference call on Friday, November 1st, 2024, at 9:00 a.m. E.T. Participants on the call are asked to reg ...

Financial Data and Key Metrics - Net sales for Q2 2024 were $123 million, down 1.8% YoY due to unfavorable FX impacts and rationalization of low-margin business [12][13] - Adjusted EBITDA grew 28% YoY to $13.4 million, with a margin of 10.9%, up 250 basis points YoY [12][14] - Trailing 12-month adjusted EBITDA reached $49.2 million, up 29% YoY [12] - GAAP net loss per share improved to $0.12 from $0.38 YoY, while adjusted net loss per share was $0.02 [16] Business Line Performance - **Power Solutions**: Sales increased 4.3% YoY to $50.2 million, driven by pricing actions and inflation pass-throughs Adjusted EBITDA grew 46% YoY to $9.5 million, with margins improving from 13.5% to 18.8% [17][18] - **Mobile Solutions**: Sales declined 5.6% YoY to $72.9 million due to exiting unprofitable business and FX impacts Adjusted EBITDA increased to $8.2 million, up $0.7 million YoY [19][20] - **Medical Business**: Current revenue is $17 million, with a new target of $100 million in revenue, up from the initial $50 million goal [25][26] Market Performance - **Global Automotive**: Flat to modest growth expected, with demand rebalancing across BEV, hybrid, and ICE drivetrains [9] - **General Industrial**: Forecasted to grow 3%, with steady demand [9] - **Power Grid and Electrical Control**: Modest global growth expected, with steady demand in circuit breaker products [9] - **Commercial Vehicles**: Forecasted decline, but minimal impact due to exposure to unique applications [9] - **Medical Market**: Orthopedic sales expected to grow 3-4% YoY through 2026 [10] Strategic Direction and Industry Competition - The company is executing a transformation plan focused on operational improvements, cost reductions, and strategic growth in high-margin markets like medical, electrical, and high-end automotive [6][7] - NN is targeting new product development and innovation, particularly in medical, electrical, and automotive markets [7] - The company is expanding its medical business, with a focus on precision manufacturing and capacity expansion [25][26] Management Commentary on Operating Environment and Future Outlook - Management reaffirmed full-year 2024 guidance: net sales of $465-485 million, adjusted EBITDA of $47-51 million, free cash flow of $8-12 million, and new business wins of $55-70 million [28] - The company expects to benefit from healthy industrial, electrical, and medical end markets, despite variability in the global automotive market [8][9] - NN is focused on refinancing its debt to lower the cost of capital and support future growth [23] Other Key Information - The company has secured $34.3 million in new business awards year-to-date, with a pipeline of over $600 million [7] - NN has added new leadership, including a new CFO and General Counsel, to support its transformation and growth [11] - The company is investing in new equipment and capacity to support its medical business, with plans to expand capabilities and meet growing demand [26][27] Q&A Session Summary Question: Progress on fixing underperforming plants - Nine out of seven underperforming plants are now profitable, with all performing better than the prior year [31] - Revenue from these plants is expected to be slightly less than $100 million due to shedding unprofitable business [32] Question: Strength of the China joint venture - The JV is performing well, driven by a strong hybrid vehicle market and cost-out programs [33] - The outlook for the JV remains positive, with continued strength expected through 2024 [34] Question: Strategic refinancing details - The company expects to secure lower interest rates than the current 14% PIK rate, with a focus on reducing the cost of capital and potentially paying down preferred debt [35][36] Question: Pricing actions and impact - Pricing actions were minimal, with some contractual price reductions in the Mobile Solutions segment and inflation pass-throughs in the Power Solutions segment [41][42] Question: Medical business growth and CapEx needs - The company plans to invest in new equipment and capacity to support its medical business, with a goal of reaching $100 million in revenue over the next 2.5-3 years [45][46][49] Question: Progress on reducing legacy loss contracts - The company has made significant progress in reducing legacy loss contracts, with most underperforming business now at or near breakeven [50][51]

CHARLOTTE, N.C., July 02, 2024 (GLOBE NEWSWIRE) -- NN, Inc. (NASDAQ:NNBR), a global diversified industrial company that engineers and manufactures high-precision components and assemblies, today announced it has entered into a definitive agreement to sell its lone plastics products plant known as Industrial Molding Corporation (IMC), to Davalor Mold Company, a wholly owned portfolio company of Blackford Capital. Total net cash proceeds will be approximately $16 million. "A key element of NN's transformation ...

CHARLOTTE, N.C., July 02, 2024 (GLOBE NEWSWIRE) -- NN, Inc. (NASDAQ:NNBR), a global diversified industrial company that engineers and manufactures high-precision components and assemblies, today announced it has entered into a definitive agreement to sell its lone plastics products plant known as Industrial Molding Corporation (IMC), to Davalor Mold Company, a wholly owned portfolio company of Blackford Capital. Total net cash proceeds will be approximately $16 million. "A key element of NN's transformation ...

Joe Caminiti or Stephen Poe, Investors Tim Peters or Emma Brandeis, Media NNBR@alpha-ir.com 312-445-2870 CHARLOTTE, N.C., June 05, 2024 (GLOBE NEWSWIRE) -- NN, Inc. (NASDAQ: NNBR), a global diversified industrial company that engineers and manufactures high-precision components and assemblies, announced today that Harold Bevis, President and Chief Executive Officer, and Michael Felcher, Senior Vice President and Chief Financial Officer, will present virtually at the Sidoti Small Cap Virtual Conference on Ju ...

CHARLOTTE, N.C., June 05, 2024 (GLOBE NEWSWIRE) -- NN, Inc. (NASDAQ: NNBR), a global diversified industrial company that engineers and manufactures high-precision components and assemblies, announced today that Harold Bevis, President and Chief Executive Officer, and Michael Felcher, Senior Vice President and Chief Financial Officer, will present virtually at the Sidoti Small Cap Virtual Conference on June 13, 2024. The presentation will begin at 1:45 p.m. ET on Thursday, June 13, 2024, and can be accessed ...

CHARLOTTE, N.C., May 29, 2024 (GLOBE NEWSWIRE) -- NN, Inc. (NASDAQ: NNBR), a global diversified industrial company that engineers and manufactures high-precision components and assemblies, today announced its Wuxi, China plant has earned 2023 "Excellent Quality" awards from two key global customers: NN earned these recognitions by delivering world-class, six sigma quality to the production lines of these customers. NN's customers' products and systems are used in the China auto production industry for fuel ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-39268 NN, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delawa ...

Exhibit 99.1 NN, Inc. 6210 Ardrey Kell Road, Suite 120 Charlotte, NC 28277 FOR IMMEDIATE RELEASE NN, INC. REPORTS FIRST QUARTER 2024 RESULTS Business transformation continues to drive improved profitability and new business wins CHARLOTTE, N.C., May 6, 2024 – NN, Inc. (NASDAQ: NNBR), a global diversified industrial company that engineers and manufactures high-precision components and assemblies, today reported its financial results for the first quarter ended March 31, 2024. Highlights "In the first quarter ...

CHARLOTTE, N.C., May 06, 2024 (GLOBE NEWSWIRE) -- NN, Inc. (NASDAQ:NNBR), a global diversified industrial company that engineers and manufactures high-precision components and assemblies, today reported its financial results for the first quarter ended March 31, 2024. Highlights Strategic transformation program drove another quarter of improved results, 3rd quarter in a row;First quarter net sales of $121.2 million, down 4.6% versus prior year, driven largely by rationalized volume;First quarter operating l ...