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01.11.2017 19:44
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NN, Inc. Reports Third Quarter 2017 Results
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PR Newswire
JOHNSON CITY, Tenn., Nov. 1, 2017
JOHNSON CITY, Tenn., Nov. 1, 2017 /PRNewswire/ -- 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."
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 fourth quarter."
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 NN's 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.
NN 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 Company's 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 other risks associated with international trade, the Company's dependence on certain major customers, and the successful implementation of the global growth plan including development of new products. Similarly, statements made herein and elsewhere regarding pending and completed transactions are also forward-looking statements, including statements relating to the future performance and prospects of an acquired business, the expected benefits of an acquisition on the Company's future business and operations and the ability of the Company to successfully integrate recently acquired businesses or the possibility that the Company will be unable to execute on the intended redeployment of proceeds from a divestiture, whether due to a lack of favorable investment opportunities or otherwise.
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 Securities and Exchange Commission, including, but not limited to, the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2016. Except as required by law, we undertake no obligation to update or revise any forward-looking statements we make in our press releases, whether as a result of new information, future events or otherwise.
Financial Tables Follow
| NN, Inc. | |||
| Condensed Consolidated Statements Operations | |||
| (Unaudited) | |||
| | Three Months Ended | ||
| | September 30, | ||
| | 2017 | | 2016 |
| | | | |
| Net sales | $ 148,156 | | $ 146,714 |
| Cost of products sold (exclusive of depreciation and | 110,836 | | 107,185 |
| Selling, general and administrative expense | 16,985 | | 14,201 |
| Acquisition related costs excluded from selling, general and | 619 | | - |
| Depreciation and amortization | 13,075 | | 11,737 |
| Restructuring and integration expense | 345 | | 606 |
| Income from operations | 6,296 | | 12,985 |
| | | | |
| Interest expense | 12,739 | | 15,801 |
| Loss on extinguishment of debt and write-off of unamortized | - | | 2,589 |
| Derivative payments on interest rate swap | - | | 609 |
| Derivative loss (gain) on change in interest rate swap fair value | (27) | | 3,130 |
| Other (income) expense, net | (848) | | (263) |
| Loss from continuing operations before benefit for income | (5,568) | | (8,881) |
| Benefit for income taxes | (1,011) | | (7,733) |
| Share of net income from joint venture | 1,202 | | 1,427 |
| Income (loss) from continuing operations | (3,355) | | 279 |
| NN, Inc. | |||
| Condensed Consolidated Balance Sheets | |||
| (Unaudited) | |||
| | |||
| | September 30, | | December 31, |
| | 2017 | | 2016 |
| Cash and cash equivalents | $ 347,380 | | $ 6,271 |
| Current maturities of long-term debt | 21,090 | | 12,751 Werbung Mehr Nachrichten zur NN Aktie kostenlos abonnieren
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