NN Inc. sales jump 23 percent
Precision bearings component manufacturer NN Inc. reported its net sales for the fourth quarter jumped 23.1% to $96.3 million compared to the same period in 2009.
Approximately $19.3 million of this growth was due to increased sales volumes associated with recovering global demand for the company's products, particularly in the automotive and industrial end markets.
Net income for the quarter was $2.1 million, or 12 cents per diluted share.
Net sales for the full year rose $106.0 million or 40.9% to $365.4 million compared to $259.4 million for the full year of 2009. Net income for the full year was $6.4 million, or 39 cents per diluted share.
"Our fourth quarter revenues and earnings reflect the continued effects of a strong global demand for our products and our ability to favorably leverage production efficiencies due to aggressive cost reduction initiatives," said James H. Dorton, vice president and chief financial officer.
In January, NN announced that it planned to cease manufacturing operations at its German manufacturing facility, Kugelfertigung Eltmann GmbH.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
