NN(US:NNBR) Globenewswireยท2025-03-05 21:25Core Viewpoint - NN, Inc. reported its financial results for the fourth quarter and full year ended December 31, 2024, highlighting the success of its transformation plan and outlining future growth strategies [1][2]. Financial Performance - Fourth quarter net sales were $106.5 million, a decrease of 5.3% compared to $112.5 million in Q4 2023, primarily due to the sale of Lubbock operations and lower volumes [4][5]. - Full-year net sales decreased by $25.0 million, or 5.1%, to $464.3 million, attributed to the sale of Lubbock operations and unfavorable foreign exchange effects [8]. - Adjusted EBITDA for Q4 2024 was $12.1 million, representing an increase of $2.1 million from Q4 2023 [4][11]. - The company reported a net loss of $21.0 million for Q4 2024, compared to a net loss of $20.5 million in Q4 2023 [7][10]. Transformation and Growth Strategy - The company successfully upgraded its leadership team and rationalized underperforming legacy businesses, securing $73 million in new business wins in 2024, surpassing the previous record of $63 million in 2023 [4][12]. - NN is on track to achieve its organic growth goal of reaching $600 million in sales, with over 70 new programs scheduled for production in 2025 [4][22]. - The company is focused on creating a stronger balance sheet and enhancing free cash flow, with a new business acquisition program in place [2][4]. Regional Performance - Sales growth in NN's China operations was notable, increasing by 15.6% in Q4 2024 and 20.6% for the full year compared to the prior year [4][24]. - The company continues to fund its growth in China through local cash flow generation [4]. Future Outlook - For 2025, NN expects revenues between $450 million and $480 million, with adjusted EBITDA projected between $53 million and $63 million [22]. - The company anticipates continued growth in its US electrical grid power business due to rising electrical demand from data centers and electric vehicles [4].