Nn Inc Stock Price, News & Analysis

NN, Inc. (NASDAQ: NNBR), a global diversified industrial company, has announced its plans to release second quarter 2024 financial results on August 7, 2024, after market close. The company will host a conference call to discuss these results on August 8, 2024, at 10 a.m. E.T. Participants can join the call by dialing 1-877-255-4315 (U.S.) or 1-412-317-6579 (outside U.S.). The call will also be webcast live through NN's Investor Relations website. For those unable to attend, a replay will be available on the company's website until August 8, 2025.

NN, Inc. (NASDAQ: NNBR) has appointed Jami Statham as the new Senior Vice President, General Counsel, and Corporate Secretary. Statham brings nearly two decades of legal experience in automotive manufacturing, negotiation, and litigation. Reporting directly to CEO Harold Bevis, she is expected to enhance NN's legal and compliance strategies. Statham's background includes roles at Nexteer Automotive, Autoneum North America, and Akebono Brake Her expertise includes managing legal matters like customer negotiations and supply chain issues. Statham’s appointment is seen as a strategic move to strengthen NN’s leadership team and navigate complex global manufacturing legal challenges.

NN, a global industrial company, announced the sale of its non-core plastics plant, Industrial Molding (IMC), to Davalor Mold Company for $16 million. This move aligns with NN's strategic transformation to focus on high-precision components and assemblies. NN plans to use the proceeds to reduce debt and improve its balance sheet. The sale will not impact the rest of NN's business. NN also updated its 2024 outlook, projecting revenues 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. The company aims to sustain profitable growth and emphasizes climate leadership, diversity, and inclusion.

NN, a global diversified industrial company, has appointed Chris Bohnert as Chief Financial Officer, effective June 25, 2024. Bohnert, with 30 years of global manufacturing leadership experience, succeeds Mike Felcher, who will stay on as a consultant during the transition. Bohnert brings expertise in successful business transitions, investor relations, and IT, previously serving as advisor to the CEO at Commercial Vehicle Group. The appointment aims to accelerate NN's transformation efforts. Bohnert is set to receive equity awards as part of his compensation, designed to align his interests with those of shareholders and ensure long-term retention.

On June 5, 2024, NN announced its participation in the Sidoti June Small Cap Investor Conference. The presentation by CEO Harold Bevis and CFO Michael Felcher is scheduled for June 13, 2024, at 1:45 p.m. ET and will be available for live streaming. Attendees can access the webcast and presentation materials via the provided link or NN's investor section on their website. Executive management will also engage in individual and group meetings with institutional investors during the event.

NN, a global diversified industrial company, announced that its Wuxi, China plant received 2023 “Excellent Quality” awards from DENSO and Nidec DENSO, the second largest auto parts supplier, and Nidec, the largest electric motor company, recognized NN for delivering six sigma quality. The awards highlight NN's role in the China auto production industry, contributing to fuel systems, power steering, powertrains, and transmissions.

Harold Bevis, CEO of NN, emphasized the company's growth in China, noting $30 million of new business as part of an $80 million global portfolio, with a $550 million pipeline targeting $55-$70 million per year in new business. NN China employs over 1,300 people and operates two wholly-owned plants and a joint venture.

NN, Inc. reported its financial results for the first quarter of 2024, showing improvements in profitability and new business wins. Despite a 4.6% decrease in net sales, the company managed to increase adjusted EBITDA by 38.9% compared to the prior year. NNBR secured $17.2 million in new business awards in the first quarter and $80 million in the last 5 quarters. The company is focusing on strategic transformation, cost-out actions, and growth initiatives to optimize performance further. Despite soft spots in the U.S. commercial vehicle and residential construction markets, NN, Inc. is confident in its 2024 guidance for sales, adjusted EBITDA, free cash flow generation, and new business wins.