Nn Inc Stock Price, News & Analysis

NN, Inc. has inaugurated a new 50,000+ square foot manufacturing facility in São João da Boa Vista, Brazil, enhancing its production capabilities for precision machined components, specifically for electric and hybrid vehicles.

The facility is expected to create about 200 new jobs, adding to the existing 600 employees at this location. Operations have commenced and will ramp up throughout 2023.

This strategic move also consolidates operations from Boituva to optimize manufacturing efficiency while benefiting from local government incentives.

NN, Inc. has been operating in Brazil since 1998 and aims to strengthen its manufacturing capabilities to meet the growing demand in the automotive sector.

NN, Inc. (NASDAQ: NNBR) announced that it will release its first quarter 2023 financial results after the market closes on May 4, 2023. A conference call to discuss these results will take place on May 5, 2023, at 9:00 a.m. ET. Participants are encouraged to register in advance for the call. The event will be webcast through the company's website, with a replay available shortly after the call. NN, Inc. operates 31 facilities across multiple continents, focusing on manufacturing high-precision components across various markets. The press release also contains forward-looking statements, highlighting potential risks including economic conditions, supply chain issues, and competition that could impact future operations.

NN, Inc. (NASDAQ: NNBR) reported a 6.9% increase in fourth-quarter net sales, totaling $118.0 million, driven by higher pricing and demand in electrical components, despite challenges from inflation and supply chain issues. The company experienced a net loss of $12.0 million, primarily due to operational losses and increased costs, compared to a net income of $0.5 million in Q4 2021. For 2023, NN expects revenue between $525 million to $555 million and adjusted EBITDA of $50 million to $60 million. Key updates include amendments to financial agreements to enhance operational flexibility and an ongoing CEO search.

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.

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.