Posted August 5, 2011
Record income for NN
NN Inc. reported net sales for the second quarter of 2011 rose 25% to $115.9 million, compared to $92.7 million for the second quarter of 2010.
Nearly half of the increase was due to increased demand for the company's products, particularly in the industrial and automotive end markets. The remaining 52% of the increase was due to the positive impact of foreign currency exchange of $6.3 million and price increases and raw material inflation pass through of $5.8 million.
Net income was $5.8 million, or 34 cents per diluted share, compared to $5.1 million, or 31 cents per diluted share for the second quarter of 2010. Net income for the second quarter of 2011 included approximately $1.1 million in loss associated with start-up costs in four major new programs in the Precision Metal Components segment.
Net income from normal operations was $6.1 million, or 36 cents per diluted share, which represented a historical record for NN.
For the first six months of the year, net sales increased 27.6% to $227.2 million.
