NN, Inc. Reports First Quarter 2016 Results In Line With Company Guidance
Press Release
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NN, Inc. Reports First Quarter 2016 Results In Line With Company Guidance
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First Quarter 2016 Results Net sales for the first quarter of 2016 increased Adjusted income from operations for the first quarter of 2016 was Business Group Results Autocam Precision Components Net sales for the first quarter of 2016 were Holder commented, " Precision Bearing Components Net sales for the first quarter of 2016 were Holder commented, "The Group rebounded in the first quarter from the challenges during the fourth quarter of 2015. Operating performance returned to our expectations, and we continue to drive margin expansion throughout 2016." Precision Engineered Products Net sales for the first quarter of 2016 were Holder commented, "The integration of PEP is off to a good start. The strong operating performance in the quarter met our expectations. We expect to see improvements throughout the year as we implement the NN Operating System." Guidance Holder continued, "Our businesses have performed to our expectations thus far in 2016. We are encouraged by the positive trends in the macro back drop and reaffirm our guidance for the year." The full set of financial guidance for the second quarter and full year 2016 can be found in our supplemental presentation posted in the Investor Relations section of our website at www.nninc.com. Holder concluded, "We are pleased with our performance to start the year. The team continues to focus on the disciplined execution of the NN Operating System." GAAP Results On a GAAP basis, income from operations for the first quarter of 2016 was On a GAAP basis, income from operations for first quarter 2016 in the On a GAAP basis, income from operations for first quarter 2016 in the On a GAAP basis, income from operations for first quarter 2016 in the NN will discuss its results during its quarterly investor conference call tomorrow morning starting at The Company discloses in this press release the non-GAAP financial measures of adjusted income from operations and adjusted net income. Each of adjusted income from operations and adjusted net income provide supplementary information about the impacts of acquisition related expenses, foreign-exchange and other non-operating impacts on our business. The attached financial tables include a reconciliation of adjusted income from operations and adjusted net income to the U.S. GAAP financial measures of income from operations and net income. 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, and similar statements, are forward-looking statements concerning matters that involve risks, uncertainties and other factors which may cause the actual performance of For additional information concerning such risk factors and cautionary statements, please see the section titled "Risk Factors" in the Company's periodic reports filed with the
Financial Tables Follow
The Company discloses in this press release the non-GAAP financial measures of adjusted income from operations and adjusted net income. Each of adjusted income from operations and adjusted net income provide supplementary information about the impacts of acquisition related expenses and foreign-exchange impacts on inter-company loans. Over the past three years, we have completed six acquisitions, two of which were transformative for the Company. The costs we incurred in completing such acquisitions, including the amortization of intangibles and deferred financing costs, have been excluded from these measures because their size and inconsistent frequency are unrelated to our commercial performance during the period, and which we believe are not indicative of our ongoing operating costs. We exclude the impact of currency translation from these measures because foreign exchange rates are not under management's control and are subject to volatility. We believe the presentation of adjusted income from operations and adjusted net income provides useful information in assessing our underlying business trends and facilitates comparison of our long-term performance over given periods The non-GAAP financial measures provided herein may not provide information that is directly comparable to that provided by other companies in the Company's industry, as other companies may calculate such financial results differently. The Company's non-GAAP financial measures are not measurements of financial performance under GAAP, and should not be considered as alternatives to actual net income growth derived from income amounts presented in accordance with GAAP. The Company does not consider these non-GAAP financial measures to be a substitute for, or superior to, the information provided by GAAP financial results. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/nn-inc-reports-first-quarter-2016-results-in-line-with-company-guidance-300262973.html SOURCE AT THE COMPANY: Robbie Atkinson, VP, Corporate Treasurer & Investor Relations, (423) 434-8398; AT FINANCIAL RELATIONS BOARD: Marilynn Meek, (General info), 212-827-3773 |