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.