NN, Inc. Announces Another Strong Quarter of New Business Awards at $17.2 million in Q1 2024
08 Avril 2024 - 10:05PM
NN, Inc. (NASDAQ: NNBR), a global diversified industrial company
that engineers and manufactures high-precision components and
assemblies, today announced another strong quarter of new business
wins, with $17.2 million in new business awards in the first
quarter of 2024. NN continued its momentum from the second half of
2023, consistent with the company’s 2024 target of $55-$70 million
of new business awards. Additionally, over 70% of the Q1 2024
awards have an immediate startup in 2024.
“We are becoming a force to be reckoned with in our targeted
market and product segments. We are very focused and have a
progressive plan to learn fast and react fast to great
opportunities that fit our strengths,” said Verlin Bush, Chief
Commercial Officer of NN, Inc. “We have deep technical expertise in
precision metal solutions, open capacity for many products and are
moving quickly on new capabilities that fit our future direction.
We intend to lead in our product categories and add additional
avenues for growth. It’s an extremely exciting time to be in our
industries as a value-added partner. This strong performance
requires multi-functional teamwork amongst sales, engineering,
operations and procurement. We are making it happen.”
NN secured 23 new business wins in the first quarter, averaging
$700,000 each across its strategic regions in North America, South
America, Europe and China. NN has formulated stronger programs in
certain regions and is improving its sales mix by creating options
for swap-outs and trade ups at certain plants. 72% of the awards
startup in 2024; 3% in 2025 and 25% in 2026.
“Securing above-market profitable sales growth is a key pillar
of our multi-year transformation plan. Our end markets are healthy
with plenty of opportunities to participate at a higher rate,” said
Harold Bevis, President and CEO of NN, Inc. “We are still
optimizing some dilutive business at certain plants with certain
customers, while at the same time adding new accretive business,
and have been successful over the last three quarters. Already we
are launching many new programs in parallel, while at the same
time, rationalizing business at certain plants. Our operational
performance is improving and giving us additional growth
opportunities at certain plants where new business development had
been constrained. We have a focused plan that is on track.”
NN’s notable wins were secured in target areas, including
vehicle electrification and charging systems, fuel efficiency and
greenhouse gas reduction solutions, electrical grid expansion and
control, and orthopedic medical products. The company’s forward
pipeline remains focused and robust, with $610 million of potential
new business.
About NN, Inc.NN, Inc., a global diversified
industrial company, combines advanced engineering and production
capabilities with in-depth materials science expertise to design
and manufacture high-precision components and assemblies for a
variety of markets on a global basis. Headquartered in Charlotte,
North Carolina, NN has facilities in North America, Europe, South
America, and Asia. For more information about the company and its
products, please visit www.nninc.com.
FORWARD-LOOKING STATEMENTS
Except for specific historical information, many
of the matters discussed in this press release may express or imply
projections of revenues or expenditures, statements of plans and
objectives or future operations or statements of future economic
performance. These statements may discuss goals, intentions and
expectations as to future trends, plans, events, results of
operations or financial condition, or state other information
relating to NN, Inc. based on current beliefs of
management as well as assumptions made by, and information
currently available to, management. Forward-looking statements
generally will be accompanied by words such as “anticipate,”
“believe,” “could,” “estimate,” “expect,” “forecast,” “guidance,”
“intend,” “may,” “possible,” “potential,” “predict,” “project” or
other similar words, phrases or expressions. Forward-looking
statements involve a number of risks and uncertainties that are
outside of management’s control and that may cause actual results
to be materially different from such forward-looking statements.
Such factors include, among others, general economic conditions and
economic conditions in the industrial sector; the impacts of
pandemics, epidemics, disease outbreaks and other public health
crises, including the COVID-19 pandemic, on our financial
condition, business operations and liquidity; competitive
influences; risks that current customers will commence or increase
captive production; risks of capacity underutilization; quality
issues; material changes in the costs and availability of raw
materials; economic, social, political and geopolitical
instability, currency fluctuation, and other risks of doing
business outside of the United States; inflationary pressures
and changes in the cost or availability of materials, supply chain
shortages and disruptions, and the availability of labor; our
dependence on certain major customers, some of whom are not parties
to long-term agreements (and/or are terminable on short notice);
the impact of acquisitions and divestitures; our ability to hire or
retain key personnel; the level of our indebtedness; the
restrictions contained in our debt agreements; our ability to
obtain financing at favorable rates, if at all, and to refinance
existing debt as it matures; unanticipated difficulties integrating
acquisitions; new laws and governmental regulations; the impact of
climate change on our operations; and cyber liability or potential
liability for breaches of our or our service providers’ information
technology systems or business operations disruptions. The
foregoing factors should not be construed as exhaustive and should
be read in conjunction with the sections entitled “Risk Factors”
and “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” included in the Company’s filings made
with the Securities and Exchange Commission. Any
forward-looking statement speaks only as of the date of this press
release, and the Company undertakes no obligation to publicly
update or review any forward-looking statement, whether as a result
of new information, future developments or otherwise, except as
required by law. New risks and uncertainties may emerge from time
to time, and it is not possible for the Company to predict their
occurrence or how they will affect the Company. The Company
qualifies all forward-looking statements by these cautionary
statements.
Contact:Tim PetersMedia Contact+1 312 445
2874tim.peters@alphaadvgroup.com
Joseph Caminiti, CFAInvestor Relations
Contactjoseph.caminiti@alpha-ir.com+1 312 445 2864
NN (NASDAQ:NNBR)
Graphique Historique de l'Action
De Août 2024 à Sept 2024
NN (NASDAQ:NNBR)
Graphique Historique de l'Action
De Sept 2023 à Sept 2024