Business
NN, Inc. Reports Fourth Quarter and Full Year 2023 Results; 2024 Guidance
Business transformation continues; delivering record-setting new business wins in 2023 and significantly improved free cash flow performance Company provides
About this update from Nn, Inc.
[{"type":"text","content":"Business transformation continues; delivering record-setting new business wins in 2023 and significantly improved free cash flow performance Company provides sales, adjusted EBITDA, and free cash flow outlook for 2024 CHARLOTTE, N.C., March 11, 2024 (GLOBE NEWSWIRE) -- NN, Inc. (NASDAQ: NNBR), a global diversified industrial company that engineers and manufactures high-precision components and assemblies, today reported its financial results for the fourth quarter ended December 31, 2023. Financial and Strategic Highlights Displayed strong execution against the Company’s multi-year transformation plan, driving positive inflection in financial and operating results in the second half of the year;Delivered company record for new business awards of $62.6 million in 2023;Launched multiple long-term strategic initiatives to drive increased sales, increased profits, enhanced cash flows, and increased shareholder value;Generated positive free cash flow in 2023 with enhanced organization-wide focus driving step change in cash flow performance in the second half of the year;Fourth quarter net sales of $112.5 million, down 4.6% versus prior year;Fourth quarter operating loss of $7.9 million, improved by $3.1 million versus prior year;Fourth quarter adjusted EBITDA of $10.0 million up 28% versus prior year; andFourth quarter free cash flow of $1.3 million, down $5.1 million versus prior year. “Our fourth quarter results capped off a transformative year for NN Inc., a year in which we realigned our commercial and operational strategies to deliver improved returns and to better position the company for both short-term and long-term success,” said Harold Bevis, President and Chief Executive Officer. “In 2023, we launched a multi-year transformation and our revamped leadership team’s aggressive redirected approach is already making a clear impact on our financial and operational results, as evidenced by the strengthening of our margins, improved free cash flow performance, and accelerating sales growth. Additionally, we reset the bar on customer performance and already we are performing better with our customers. This is a tried and true path to future business expansion. We are really proud of our global team and our JV business as we are working as one team to reestablish leadership positions in multiple areas.” Bevis continued, “For the ful...