Business Group Results
Autocam Precision Components
Net sales for the third
quarter of 2017 were $81.7 million, compared to $80.5 million in the third quarter of 2016, an increase of 1.5% or $1.2 million. Growth related to our Corporate Average Fuel Economy (CAFE) automotive business accounted for the
increase. Adjusted income from operations for the quarter decreased $1.4 million to $9.7 million, compared to $11.1 million in the third quarter of 2016.
Mr. Holder commented, Autocam continues to take share and outgrow its CAFE end market. During the quarter we had several program wins that required
immediate investments due to the short project launch requirements. These investments had a small near term impact on their profitability.
Precision Engineered Products
Net sales for the third
quarter of 2017 were $66.5 million, compared to $66.2 million in the third quarter of 2016, an increase of $0.3 million. Adjusted income from operations for the quarter was $13.3 million, compared to $15.2 million in 2016.
Mr. Holder commented, The impacts of the hurricanes during the third quarter had a negative effect on our profitability as we were unable to
ship to several of our customers. We expect this to resolve in the fourth quarter.
Mr. Holder concluded, The third quarter was another
transformative period for the organization as we divested our PBC business. Additionally, our performance this quarter was negatively impacted by weather delays within the business. We expect these anomalies to our performance to normalize in the
The full set of financial guidance for the fourth quarter and full year 2017 can be found in our supplemental presentation posted
in the Investor Relations section of our website at www.nninc.com.
NN will discuss its results during its quarterly investor conference call
tomorrow morning starting at 9:00 a.m. ET. The call and supplemental presentation may be accessed via NNs website, www.nninc.com. The conference call can also be accessed by dialing 1-877-718-5107 or 1-719-325-4878 Conference
ID: 8709327. For those who are unavailable to listen to the live broadcast, a replay will be available shortly after the call for 90 days.
discloses in this press release the non-GAAP financial measures of adjusted income from operations and adjusted income (loss) from continuing operations. Each of adjusted income from operations and
adjusted income (loss) from continuing operations provide supplementary information about the impacts of acquisition related expenses, foreign-exchange and other non-operating impacts on our business.
The financial tables found later in this press release include a reconciliation of adjusted income from operations, adjusted income (loss) from continuing
operations to the U.S. GAAP financial measures of income from operations, and income (loss) from continuing operations.
NN, Inc., a 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 Johnson City, Tennessee, NN has 36 manufacturing plants in North America, Western Europe, Eastern Europe, South America and China.
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 NN, Inc. and its subsidiaries to differ materially from those expressed or implied by this discussion. All forward-looking information is provided by the Company pursuant to the safe harbor established under
the Private Securities Litigation Reform Act of 1995 and should be evaluated in the context of these factors. Forward-looking statements generally can be identified by the use of forward-looking terminology such as assumptions,
target, guidance, outlook, plans, projection, may, will, would, expect, intend, estimate, anticipate,
believe, potential or continue (or the negative or other derivatives of each of these terms) or similar terminology. Factors which could materially affect actual results include, but are not limited to: general
economic conditions and economic conditions in the industrial sector, inventory levels, regulatory compliance costs and the Companys ability to manage these costs, start-up costs for new operations, debt
reduction, competitive influences, risks that current customers will commence or increase captive production, risks of capacity underutilization, quality issues, availability and price of raw materials, currency and