NN, Inc. Delivers Strong Results in 2024, Accelerating Transformation Plan

NN, Inc. (NASDAQ: NNBR), a global diversified industrial company, reported its financial results for the fourth quarter and full year ended December 31, 2024, marking a successful first full year of its transformation plan. The company's strategic initiatives, including leadership upgrades, cost reduction, and new business wins, have driven significant improvements in financial performance and market position.



Key highlights from nn, Inc.'s 2024 results include:

1. Revenue and Earnings Growth: Net sales for the full year increased by 0.2% on a pro forma basis, while adjusted EBITDA grew by $5.2 million compared to the previous year. Adjusted earnings per share (EPS) improved by $0.17.
2. New Business Wins: NN, Inc. won $73 million in new business in 2024, topping the previous record of $63 million in 2023. The company has delivered a 2-year new business wins total of $136 million and has won $13 million in new wins in 2025 YTD.
3. Operational Efficiency: NN, Inc. has significantly improved the underperforming performance at the 'Group of 7' plants, with four plants fixed and three plants closed. The company expects this set of plants to generate $5 million of adjusted EBITDA in 2025.
4. China Operations Growth: NN, Inc.'s China operations sales growth continues at a measured pace, up by 15.6% and 20.6% versus the prior year fourth quarter and full-year, respectively. The company's China operations continue to fund their own growth through local cash flow generation.
5. Debt Reduction and Refinancing: NN, Inc. has reduced its leverage ratio to 2.97x, as cash proceeds from the sale of the Lubbock plant were deployed towards debt reduction. The company's strategic refinancing process continues, evaluating future growth capital needs driven by successful new business wins.

NN, Inc.'s transformation plan has been a success, with the company making immediate and significant progress in its first full year. The company's focus on cost reduction, operational efficiency, and new business wins has driven improved financial performance and market position. As NN, Inc. continues along its transformation path in 2025, it is focused on creating a refreshed and extended balance sheet, stronger free cash flow, a powerful new business acquisition program, and a further strengthening of its management team.

Investors should be encouraged by NN, Inc.'s strong performance in 2024 and the company's commitment to accelerating its transformation plan. As NN, Inc. continues to execute on its strategic initiatives, it is well-positioned to deliver sustainable value for shareholders in the long term.