NN, Inc. reported a net loss of $38.3 million for the fiscal year ending December 31, 2024, a notable improvement from the $50.2 million loss recorded in the previous year. The company's net sales decreased by 5.1% to $464.3 million, down from $489.3 million in 2023. This decline was attributed to the sale of its Lubbock operations, customer settlements received in 2023, and unfavorable foreign exchange effects totaling $3.5 million. However, the decrease in sales was partially offset by the impact of contractual pass-through material pricing provisions.
In terms of operational changes, NN, Inc. is undergoing a transformation plan aimed at enhancing profitability and reducing costs. This includes the closure of two manufacturing facilities, with production ceasing at the Juarez, Mexico plant in January 2025 and plans to close the Dowagiac, Michigan plant by the end of the first quarter of 2025. The company anticipates incurring approximately $13.6 million in charges related to these closures, which are expected to yield annual benefits of about $5.4 million once fully implemented.
The company’s workforce as of December 31, 2024, consisted of approximately 2,600 employees, with a significant portion engaged in production roles. NN, Inc. continues to maintain a diverse customer base, with its top ten customers accounting for about 51% of net sales. The geographical distribution of sales showed that 64% were to North American customers, while 17% were to Asia, 10% to South America, and 9% to Europe.
Looking ahead, NN, Inc. remains focused on strengthening its balance sheet and improving operational efficiency. The company is also monitoring macroeconomic conditions, including inflationary pressures and supply chain disruptions, which could impact future performance. Management expressed optimism about the potential for growth in key markets, particularly in automotive and medical components, as it continues to execute its strategic initiatives.
About NN INC
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