Acquisitions drive 30 percent sales gain for NN Inc.
NN Inc. reported that net sales for the second quarter of 2016 increased 30.0% to $214.3 million, compared to $164.9 million for the second quarter of 2015.
Acquisitions added $57.8 million in revenue. Sales in the legacy business were negatively impacted $8.4 million primarily from weakness in the industrial end market.
Net income was $2.0 million, or 7 cents per diluted share. This compares to net income of $7.0 million, or 36 cents per share in the second quarter of 2015.
Precision Bearing Components sales for the quarter were $65.2 million, compared to $69.3 million in the second quarter of 2015. Soft industrial market demand accounted for the decline.
Precision Engineered Products net sales for the second quarter of 2016 were $66.1 million, compared to $9.1 million in the second quarter of 2015. The acquisition of PEP accounted for $58.4 million of the increase.
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.
