Posted May 10, 2010
NN Inc. returns to profitability
Bearings manufacturer NN Inc. reported net sales for the first quarter of 2010 of $85.3 million, up $27.4 million, or 47.3% compared to $57.9 million for the same period of 2009.
The increase was attributed to increased demand from industrial and automotive end markets.
Net income for the quarter was $0.2 million, or 1 cent per diluted share, compared to a net loss of $9.5 million, or 59 cents per diluted share, for the first quarter of 2009.
"We exceeded our business plan in both revenues and earnings for the quarter and customer ordering patterns remain strong for the second quarter. Although we remain optimistic about the second half of 2010, our optimism is guarded. For us to continue to meet our previously announced annual revenue guidance of $315 million to $335 million, the global economy must continue to strengthen," said Roderick R. Baty, chairman and CEO.
