NN, Inc. Reports Second Quarter 2019 Results

About this update from Nn, Inc.

[{"type":"text","content":"CHARLOTTE, N.C., Aug. 8, 2019 /PRNewswire/ -- NN, Inc., (NASDAQ: NNBR), a diversified industrial company, today reported its financial results for the second quarter ended June 30, 2019. \nGAAP Results\nSecond Quarter\nNet sales for the second quarter of 2019 increased $25.3 million, or 12.9% to $221.7 million, compared to $196.3 million for the second quarter of 2018. Growth was driven by $19.5 million from acquisitions and organic volume increases of $7.6 million, which were partially offset by foreign currency, pricing and mix impacts of $1.7 million.\nOn a GAAP basis, income from operations for the second quarter of 2019 was $8.1 million, compared to operating losses of $0.3 million for the same period in 2018. The second quarter of 2018 included acquisition related costs of $3.4 million, restructuring and integration costs of $1.6 million and inventory step-up costs of $3.4 million related to the Paragon acquisition. The reduction in these costs, along with margin improvement associated with the acquisition and organic growth noted above as well as synergy capture initiatives, was partially offset by increases in depreciation and amortization primarily related to 2018 acquisitions of $6.7 million. \nNet loss on a GAAP basis for second quarter of 2019 was $6.7 million, compared to net loss on a GAAP basis of $24.5 million in the second quarter of 2018. The improvement was driven by a reduction in interest expense and write-off of debt issuance costs of $2.0 million and $12.9 million, respectively. Other income and expense improved $1.8 million primarily as a result of unfavorable foreign exchange effects associated with intercompany borrowings in 2018. These changes were partially offset by an unfavorable $6.5 million year over year increase in income tax expense.\nOn a GAAP basis, income from operations for second quarter 2019 in the Life Sciences segment was $9.3 million, compared to income from operations of $2.0 million for the same period in 2018.\nOn a GAAP basis, income from operations for second quarter 2019 in the Mobile Solutions segment was $4.1 million, compared to income from operations of $7.4 million for the same period in 2018.\nOn a GAAP basis, income from operations for second quarter 2019 in the Power Solutions segment was $5.7 million, compared to income from operations of $6.0 million for the same period...

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