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8-K
NN INC filed this Form 8-K on 11/03/2017
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EX-99.1

Exhibit 99.1

 

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   RE: NN, Inc.
   207 Mockingbird Lane
   Johnson City, TN 37604
FOR FURTHER INFORMATION:   
AT THE COMPANY    AT ABERNATHY MACGREGOR
Robbie Atkinson    Claire Walsh
VP, Strategy & Investor Relations    (General info)
(423) 434-8398    (212) 371-5999

FOR IMMEDIATE RELEASE

November 1, 2017

NN, INC. REPORTS THIRD QUARTER 2017 RESULTS

Johnson City, TN, November 1, 2017 –NN, Inc., (NASDAQ: NNBR), a diversified industrial company, today reported its financial results for the third quarter ended September 30, 2017.

GAAP Results

Net sales for the third quarter of 2017 increased $1.5 million, or 1.0%, to $148.2 million, compared to $146.7 million for the third quarter of 2016. Growth in the medical, aerospace and automotive end markets accounted for the increase.

On a GAAP basis, income from operations for the third quarter of 2017 was $6.3 million, compared to $13.0 million for the same period in 2016. Income (loss) from continuing operations on a GAAP basis for third quarter of 2017 was ($3.4 million). This compares to income (loss) from continuing operations of $0.3 million in the third quarter of 2016.

On a GAAP basis, income from operations for third quarter 2017 in the Autocam Precision Components Group was $6.8 million compared to $8.5 million for the same period in 2016.

On a GAAP basis, income from operations for third quarter 2017 in the Precision Engineered Products Group was $7.9 million compared to $9.9 million for the same period in 2016.

Adjusted Results

Adjusted income from operations for the third quarter of 2017 was $15.4 million, compared to $19.9 million for the same period in 2016.

Richard Holder, President and Chief Executive Officer, commented, “Overall operating performance in the quarter was negatively impacted by severe weather events that occurred during the period. These impacts created mix issues which had a negative impact on margins. We expect these to return to normal in the fourth quarter.”