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. (NASDAQ: NNBR) is frequently featured in corporate and financial news as a global diversified industrial company that engineers and manufactures high-precision components and assemblies. Company press releases highlight developments across its Mobile Solutions and Power Solutions segments, strategic initiatives, and updates on its global operations.
News coverage for NN often includes earnings announcements and quarterly updates, where the company reports segment performance, changes in net sales, gross margin trends, adjusted EBITDA, and free cash flow. These releases also discuss factors such as cost reduction programs, sales mix, and rationalization of underperforming business within Mobile Solutions and Power Solutions.
Investors following NNBR news will also see strategic and corporate updates, such as the formation of a Strategic Committee of the Board of Directors to evaluate strategic, financing, and business configuration alternatives. The company has publicized preferred equity refinancing initiatives, an active mergers and acquisitions program, and its efforts to advance a multi-year transformation plan.
Additional news items cover commercial and operational developments, including new business wins, program launches, and expansion of aerospace and defense capabilities supported by ITAR registration and a Federal Firearms License. NN has also issued releases on its joint venture in China, investor conference presentations, and leadership changes in areas such as information technology and cybersecurity.
By reviewing the NNBR news page, readers can track how NN communicates its financial results, strategic reviews, M&A activity, capital structure initiatives, and growth efforts in automotive, industrial, medical, aerospace, and defense markets over time.
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.
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