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, 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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