NN, Inc. Reports Third Quarter 2015 Results
Press Release
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NN, Inc. Reports Third Quarter 2015 Results
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Third Quarter 2015 Results Net sales for the third quarter of 2015 increased Adjusted income from operations for the third quarter of 2015 was On a GAAP basis, income from operations for the third quarter of 2015 was Business Group Results Metal Bearing Components Net sales for the group decreased "Changes in demand in Autocam Precision Components Net sales for the third quarter of 2015 were Holder commented, " Plastic and Rubber Components Net sales for the third quarter increased Precision Engineered Products (PEP) Acquisition Update Holder commented, "As announced during the third quarter we closed the PEP acquisition in October. Year to date PEP's sales and margins continue to be in line with our expectations. Starting with the fourth quarter we will be reporting PEP as a segment within our portfolio. Additionally, the Guidance Holder continued, "As previously committed, beginning with the fourth quarter we will initiate a more comprehensive set of financial guidance designed to help our shareholders have the appropriate information to accurately evaluate our performance. This will include sales, adjusted EBITDA, adjusted operating margin, and adjusted earnings per share. With the completion of the PEP acquisition we will also begin excluding non-cash amortization charges from our adjusted earnings per share. We believe removing these charges provides the shareholder with the best evaluation of the Company's performance." The full set of financial guidance for the fourth quarter and 2016 can be found in our supplemental deck on our website. Holder concluded, "I am encouraged with our results in the face of an ever changing macro environment. Our focus this year on implementing the NN Operating System and managing our organizational flex has had a significant impact on the quarter as we were able to deliver operating improvements in all of our businesses. Finally, with the announcement and subsequent close of the PEP acquisition we remain focused on executing our strategic plan." NN will discuss its results during its quarterly investor conference call tomorrow morning starting at The attached financial tables include a reconciliation of adjusted income from operations, adjusted net income and adjusted earnings per share 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 intercompany loans. We believe the presentation of adjusted income from operations and adjusted net income provides useful information in assessing our results of operations and potential future results. These measures should not be considered as an alternative to their comparable GAAP measures, nor should they be considered in isolation, or as a substitute for analysis of our results reported under GAAP. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/nn-inc-reports-third-quarter-2015-results-300172758.html SOURCE AT THE COMPANY - Robbie Atkinson, Corporate Treasurer & Investor Relations, (423) 434-8398; AT FINANCIAL RELATIONS BOARD, Marilynn Meek, (General info), 212-827-3773 |