Nn Inc Stock Price, News & Analysis

NN, Inc. (NASDAQ: NNBR) reported a strong second quarter for 2021 with net sales reaching $123.2 million, a 56.8% increase from $78.5 million in 2020, driven by demand recovery from COVID-19 impacts. Mobile Solutions sales surged 80%, while Power Solutions rose 31.4%. Loss from operations decreased to $1.6 million from $11.2 million year-over-year. The net loss also improved significantly to $5.4 million from $21.7 million in 2020. Adjusted EBITDA stood at $13.4 million, or 10.9% of sales, compared to $4.9 million in 2020. However, free cash flow was a usage of $7.5 million due to the sale of Life Sciences.

NN, Inc. (NASDAQ: NNBR) will release its Q2 2021 financial results on August 5, 2021, after market close. A conference call is scheduled for August 6, 2021, at 9:00 a.m. EDT, with registration required. Investors can also access a webcast through the company’s website. Founded in Charlotte, North Carolina, NN, Inc. specializes in manufacturing precision components globally. The press release highlights potential risks and uncertainties related to economic conditions and the pandemic's impact on operations.

CHARLOTTE, N.C., June 15, 2021 /PRNewswire/ -- NN, Inc. (NASDAQ: NNBR) has appointed Mike Felcher as the new Senior Vice President and Chief Financial Officer effective July 1, 2021. He takes over from Tom DeByle, who is retiring but will assist in the transition until June 30, 2021. Felcher has been with NN since June 2018 as Chief Accounting Officer and has prior experience at JELD-WEN and United Technologies Corp. The CEO and Audit Committee Chairman highlighted Tom's contributions to company transformation and expressed confidence in Felcher's ability to drive future growth.

On May 14, 2021, NN, Inc. (NASDAQ: NNBR) announced the appointment of Dr. Rajeev Gautam to its Board of Directors, effective immediately. Dr. Gautam, CEO at Honeywell Performance Materials and Technologies, will also be nominated for election at the upcoming annual meeting on May 27, 2021. This appointment follows a cooperation agreement with Corre Partners Management, reflecting constructive discussions with shareholders. The addition aims to leverage Dr. Gautam’s extensive leadership experience to enhance NN's strategic direction and capitalize on growth opportunities.

NN, Inc. (NASDAQ: NNBR) reported a strong performance for Q1 2021, with net sales increasing by 9.1% to $126.8 million, driven largely by Mobile Solutions' growth of 11.3%. The company improved its income from operations to $1 million from a loss of $103.9 million year-over-year, aided by cost-reduction strategies. Adjusted net income reached $2.2 million, or $0.05 per diluted share. Free cash flow improved to $2.4 million. CEO Warren Veltman highlighted growth in North America and China, despite challenges in the Power Solutions segment due to external market pressures.

NN, Inc. (NASDAQ: NNBR) announced the release date for its first-quarter 2021 financial results, set for May 6, 2021, post-market. A conference call will follow on May 7, 2021, at 9:00 a.m. EDT, where participants can register in advance. The call will also be webcast and available for replay on their website until May 6, 2022. NN, Inc. operates 32 facilities globally, focusing on high-precision components and assemblies.

NN, Inc. (NASDAQ: NNBR) announced the appointment of João Faria to its Board of Directors, effective April 13, 2021. Faria, who has extensive experience in manufacturing and engineering, particularly in the electric vehicle sector, currently serves as President of the Vehicle Group/eMobility at Eaton Corporation. His global expertise in vehicle electrification is expected to enhance NN's growth strategies. Following this appointment, NN’s Board will consist of nine directors, with plans to reduce to eight after the retirement of Steven Warshaw.

NN, Inc. (NASDAQ: NNBR) will hold an investor update on April 7, 2021, at 9 a.m. ET. The conference call will detail the Company's long-term growth strategy and current management outlook, alongside updates on a recent refinancing transaction. Participants can join via the Company's website, with a replay available until April 21, 2021. NN, Inc. operates globally, focusing on high-precision components across various markets. The call will include a presentation and a Q&A session, fostering investor engagement.

On March 22, 2021, NN, Inc. (NASDAQ: NNBR) announced the successful completion of a $265 million financing arrangement, which includes a $50 million asset-based credit line, a $150 million term loan, and a $65 million preferred stock issuance. This financing aims to enhance the company's balance sheet by repaying existing debt and preferred stock, thus providing financial flexibility for ongoing business transformation efforts. The company is optimistic about growth opportunities in vehicle electrification, smart grid technologies, and aerospace and defense sectors.