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. reports developments tied to its role as a global diversified industrial manufacturer of high-precision components and assemblies. The company engineers and manufactures parts for automotive, electric grid and data center equipment, general industrial, medical, aerospace and defense, and related end markets through Mobile Solutions and Power Solutions activities.
Recurring NNBR news includes quarterly operating results, adjusted EBITDA and sales guidance, new business awards, customer programs, and the company's shift toward higher-value applications such as electric grid equipment, data center infrastructure, liquid-cooling products, silver-plated busbars and terminals, and safety-critical auto parts. Updates also cover capital resources, equipment acquisitions, investor presentations, and end-market growth initiatives.
NN, Inc. (NASDAQ: NNBR) announced amendments to its $150 million term loan with Oaktree Capital Management and its asset-backed credit facility with J.P. Morgan on March 7, 2023. The amendments increase the leverage ratio covenant and introduce a new $20 million liquidity covenant, adjustable to $15 million upon a qualifying equity raise by June 30, 2023. Additionally, the cap on customer receivable financing was raised from $20 million to $30 million. These changes aim to enhance operational flexibility and support the company's strategic initiatives for growth and improved profitability.
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NN, Inc. (NASDAQ: NNBR) will announce its Q4 and full year 2022 financial results after market close on March 9, 2023. A conference call is scheduled for March 10 at 9:00 a.m. EDT, where participants need to register beforehand. The call will be webcast for broader audience participation via the company's website. NN, Inc. is a diversified industrial company specializing in high-precision components, operating in 31 facilities globally. The company warns of potential risks impacting its future performance, such as inflation, labor shortages, and supply chain disruptions.
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NN, Inc. (NASDAQ: NNBR) has partnered with Nylacast Automotive to deliver complete electric power steering (EPS) worm gearset solutions. This collaboration combines NN's expertise in worm shafts and Nylacast's skills in worm wheels, enhancing efficiency and quality for customers. The gearsets will enable reduced transportation costs and improved packaging. With the rising demand in electric vehicles, the partnership aims to provide robust, high-tensile strength components, essential for modern steering systems. Executives from both companies expressed excitement over the enhanced product offerings.
On November 15, 2022, NN, Inc. (NASDAQ: NNBR) announced that Steve Heethuis, Training Director, was awarded the 2022 MFG Talent Champion by the Michigan Manufacturers Association. This recognition highlights his commitment to attracting and training talent for the manufacturing sector in West Michigan. The honor was presented at The MFG Excellence Awards on November 10, which celebrated the contributions of Michigan manufacturers. NN, Inc. specializes in producing high-precision components and has a global presence with 30 facilities across multiple continents.
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NN, Inc. (NASDAQ: NNBR) has announced a management transition plan due to the planned retirements of CEO Warren Veltman and EVP John Buchan, effective March 31, 2023. Korn Ferry will assist in identifying a new CEO with expertise in the electric and electrical vehicle industries. Gunars Vinkels and Douglas Campos have been named interim COOs for their respective divisions. Veltman highlighted the company’s progress in reducing debt and refining growth strategy, particularly in high-growth markets. The board aims to fill the CEO position with a proven leader in these areas.
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.