NN, Inc. Reports Q3 2024 Financial Results

NN Inc ( (NNBR) ) has released its Q3 earnings. Here is a breakdown of the information NN Inc presented to its investors.

NN, Inc. is a global diversified industrial company headquartered in Charlotte, North Carolina, specializing in the engineering and manufacturing of high-precision components and assemblies for various markets worldwide.

In its third-quarter earnings report, NN, Inc. highlighted significant strides in its transformation agenda, focusing on cost reduction and operational efficiency while achieving substantial new business wins. The company reported a net loss reduction compared to the previous year, despite a decline in net sales, attributed primarily to strategic divestitures and unfavorable foreign exchange effects.

Key financial metrics revealed a net loss of $2.6 million, improved from a $5.1 million loss the previous year. Adjusted EBITDA was $11.6 million, slightly down from $14.5 million the previous year, reflecting the impact of divested operations. Notably, the company’s leverage ratio improved to 2.97x, driven by the use of proceeds from the sale of the Lubbock plant for debt reduction. The company continues to focus on optimizing its footprint, particularly in China, where sales grew by 19%.

NN, Inc. remains committed to its strategic realignment, including the closure of underperforming plants and the installation of new equipment to support global business wins. Looking forward, the company anticipates continued sales growth into 2025, supported by strong new business wins and ongoing cost reduction initiatives.

The company’s management expressed optimism about the future, emphasizing their dedication to judicious investment in high-return projects within the electrical and medical sectors, aiming for sustained growth and improved margin performance in the coming quarters.