CHARLOTTE, NC, Jan. 14, 2025 (GLOBE NEWSWIRE) — NN, Inc. (NASDAQ: NNBR), a diversified global industrial company that engineers and manufactures high-precision components and assemblies, today announced the earnings results of its new business program for the year ended December 31, 2024.
Harold Bevis, Chief Executive Officer of NN Inc. commented: “We are excited to announce another record year of new business wins in our targeted growth areas. We have delivered a second consecutive year of record commercial results. We are targeting this level of new above-market earnings to achieve our five-year goal of growing to $600 million in sales and delivering adjusted EBITDA margins of 13%.
A key pillar of the company’s transformation plan has been a return to innovation and growth. Coupled with best-in-class quality and excellent on-time delivery performance, we are moving up the ranks and becoming an elite and preferred supplier in our target areas.” Bevis continued, “We are attacking desirable high-value markets where our unique capabilities and distinct technical advantages can be leveraged for real value. We remain committed to working with our customers and partners to strengthen NN’s position as an innovative supplier of choice and providing value-added solutions for complex, high-precision machined and stamped metal components and assemblies.”
Bevis continued, “We will continue this pace of new business acquisition in 2025 and 2026 and have a $720 million pipeline to support it. 2025 is off to a great start with the simultaneous launch of the fiftieth [50] new programs during the first quarter.”
-
50 programs launched from 11 plants in the US, Brazil, France, Poland and China, along with annual sales of $20.8 million
-
For the full year 2025, we expect to launch eighty [80] new programs of which seventy [70] have already been won
“Our $720 million in new business opportunities is up more than 40% over last year and has several balanced focus areas in machined parts, stamped parts, coated parts and complex assemblies.”
-
Electric Power Pipeline $250+M, Vehicle Control Pipeline $100+M, Fuel Efficiency & Hybrid Pipeline $100+M, Medical & Industrial Pipeline $100+M
-
We have built dedicated teams in every area we focus on
“We are on solid pace to meet our five-year goal of capturing $325 million in new business earnings, and in turn growing NN’s revenue organically to $600 million. We also aim to generate additional revenue in excess of $600 million in certain areas, particularly medical and electrical, and look forward to updating the market with our progress as we win new business, increase our sales and deliver expanded earnings to drive the creation of shareholder value.”
About NN, Inc.
NN, Inc., a diversified global industrial company, combines advanced engineering and manufacturing 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.
PRELIMINARY STATEMENT
In addition to specific historical information, many of the matters discussed in this press release may express or imply forecasts of revenues or expenses, statements of future plans and objectives or operations or statements of future economic performance. These statements may discuss goals, objectives and expectations about future trends, plans, events, results of operations or financial condition, or state other information about NN, Inc. (the “Company”) based on management’s current beliefs, as well as assumptions made by management and currently available information. Forward-looking statements will generally be accompanied by words such as “anticipate,” “believe,” “may,” “estimate,” “expect,” “anticipate,” “growth,” “guidance,” “intend,” “may , “will,” “potential,” “anticipate,” “project,” or other similar words, phrases or expressions. Forward-looking statements involve a number of risks and uncertainties that are beyond the control of MANAGEMENT and that could cause actual results to differ materially from such forward-looking statements. Such factors include, among others, general economic conditions and economic conditions in the industry; the effects of pandemics, disease outbreaks and crises other public health, business operations and liquidity; risks that current customers will start or increase capacity; quality issues materials in the costs and availability of raw materials; economic, social, political and geopolitical instability, military conflict, currency fluctuations and other risks of doing business outside the United States; Inflationary pressures and changes in the cost or availability of materials, shortages and supply chain disruptions, labor availability and labor disruptions along the supply chain; our dependence on certain key customers, some of whom are not parties to long-term agreements (and/or may be terminated on short notice); the impact of acquisitions and sales, and the expansion of end markets and product offerings; our ability to hire or retain key personnel; the level of our debt; restrictions contained in our debt agreements; our ability to obtain financing at favorable rates, if available, and to refinance existing debt when it matures; our ability to obtain, maintain or enforce patents or other appropriate protections for our intellectual property; new laws and government 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 disruption of business operations. 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” contained in the Company’s filings with the Commission. Securities. Any forward-looking statement speaks only as of the date of this press release, and the Company does not undertake to publicly update or revise 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 emergence or how they will affect the Company. The Company qualifies all forward-looking statements with these cautionary statements.
Investor Relations:
Joseph Caminiti or Stephen Poe, Investors
NNBR@alpha-ir.com
312-445-2870
