NN, Inc. reported its financial results for the three and nine months ended September 30, 2024, revealing a decline in net sales and improvements in net loss compared to the same periods in 2023. For the third quarter of 2024, net sales totaled $113.6 million, down 8.7% from $124.4 million in Q3 2023. For the nine-month period, net sales decreased by 5.0% to $357.8 million from $376.7 million in the prior year.
The company experienced a loss from operations of $3.8 million for the third quarter, an increase from a loss of $2.7 million in the same quarter of 2023. However, for the nine months ended September 30, 2024, the loss from operations improved to $10.7 million from $13.9 million in the previous year. The net loss for Q3 2024 was $2.6 million, a significant reduction from $5.1 million in Q3 2023, while the nine-month net loss improved to $17.3 million from $29.6 million.
The Mobile Solutions segment saw a 10.5% decrease in net sales to $70.7 million for Q3 2024, attributed to reduced volume and pricing adjustments. Conversely, the Power Solutions segment reported a smaller decline of 5.6%, with sales of $42.9 million. Despite lower sales, income from operations in the Power Solutions segment increased to $11.8 million for the nine months, up from $8.3 million in 2023.
Cash and cash equivalents decreased to $12.4 million as of September 30, 2024, down from $21.9 million at the end of 2023. Total assets also fell to $483.1 million from $510.9 million, while total liabilities decreased to $287.2 million from $308.1 million. The company’s working capital was $85.3 million, down from $100.9 million at the end of 2023.
Strategically, NN, Inc. sold its Lubbock operations for $17 million in July 2024, using the proceeds to reduce debt. The company also initiated a consolidation of its manufacturing footprint, including the closure of a facility, which is expected to incur $1.9 million in charges but yield annual savings of approximately $2.8 million once fully implemented.
Overall, while NN, Inc. faced challenges with declining sales, it made strides in reducing losses and optimizing its operations through strategic asset sales and cost-cutting measures.
About NN INC
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