NN Inc. Files Q3 2024 10-Q Report

Ticker: NNBR · Form: 10-Q · Filed: 2024-10-31T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, financials, industrial

TL;DR

NN Inc. 10-Q filed: Q3 2024 financials out. Check numbers.

AI Summary

NN Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Key financial figures and business segment information are presented, reflecting the company's ongoing activities in the metalworking machinery and equipment sector.

Why It Matters

This report provides investors and analysts with a detailed look at NN Inc.'s financial health and operational performance during the third quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the company operates in the industrial sector which can be subject to economic cycles and supply chain disruptions.

Key Numbers

Key Players & Entities

FAQ

What were NN Inc.'s total assets as of September 30, 2024?

The filing does not explicitly state total assets in the provided snippet, but it does reference financial data points for the period ending September 30, 2024.

What is NN Inc.'s fiscal year end?

NN Inc.'s fiscal year ends on December 31.

What is the Standard Industrial Classification (SIC) code for NN Inc.?

The SIC code for NN Inc. is METALWORKING MACHINERY & EQUIPMENT [3540].

When was NN Inc. formerly known as NN Ball & Roller Inc.?

The company changed its name from NN Ball & Roller Inc. on February 3, 1994.

What is the filing date for this 10-Q report?

This 10-Q report was filed on October 31, 2024.

Filing Stats: 4,838 words · 19 min read · ~16 pages · Grade level 14.1 · Accepted 2024-10-30 18:06:37

Key Financial Figures

Filing Documents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 3

Financial Statements

Item 1. Financial Statements 3 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) 3 Condensed Consolidated Balance Sheets (Unaudited) 4 Condensed Consolidated Statements of Cash Flows (Unaudited) 5 Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) 6 Notes to Condensed Consolidated Financial Statements (Unaudited) 8 Note 1. Interim Financial Statements 8 Note 2. Segment Information 8 Note 3. Revenue from Contracts with Customers 9 Note 4. Inventories 10 Note 5. Intangible Assets 10 Note 6. Investment in Joint Venture 11 Note 7. Debt 11 Note 8. Preferred Stock 12 Note 9. Leases 13 Note 10. Commitments and Contingencies 13 Note 11. Income Taxes 14 Note 12. Net Loss Per Common Share 14 Note 13. Share-Based Compensation 15 Note 14. Accumulated Other Comprehensive Income 16 Note 15. Fair Value Measurements 17 Note 16. Divestiture 18 Note 17. Plant Optimization Activities 19

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 20

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 26

Controls and Procedures

Item 4. Controls and Procedures 26

OTHER INFORMATION

PART II. OTHER INFORMATION 27

Legal Proceedings

Item 1. Legal Proceedings 27

Risk Factors

Item 1A. Risk Factors 27

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 27

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 27

Other Information

Item 5. Other Information 27

Exhibits

Item 6. Exhibits 27

SIGNATURES

SIGNATURES 28 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements NN, Inc. Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share data) 2024 2023 2024 2023 Net sales $ 113,587 $ 124,443 $ 357,777 $ 376,737 Cost of sales (exclusive of depreciation and amortization shown separately below) 97,131 104,543 299,474 320,648 Selling, general, and administrative expense 10,257 11,693 37,116 35,833 Depreciation and amortization 10,844 11,577 35,152 34,643 Other operating income, net ( 895 ) ( 631 ) ( 3,285 ) ( 526 ) Loss from operations ( 3,750 ) ( 2,739 ) ( 10,680 ) ( 13,861 ) Interest expense 5,404 5,739 16,643 15,484 Other expense (income), net ( 5,315 ) ( 1,463 ) ( 4,623 ) 1,970 Loss before benefit (provision) for income taxes and share of net income from joint venture ( 3,839 ) ( 7,015 ) ( 22,700 ) ( 31,315 ) Benefit (provision) for income taxes ( 903 ) 245 ( 1,194 ) ( 1,381 ) Share of net income from joint venture 2,185 1,713 6,597 3,087 Net loss $ ( 2,557 ) $ ( 5,057 ) $ ( 17,297 ) $ ( 29,609 ) Other comprehensive income (loss): Foreign currency translation gain (loss) $ 3,970 $ ( 3,072 ) $ ( 1,763 ) $ ( 3,606 ) Interest rate swap: Change in fair value, net of tax — — — ( 230 ) Reclassification adjustments included in net loss, net of tax ( 109 ) ( 449 ) ( 1,007 ) ( 1,366 ) Other comprehensive income (loss) $ 3,861 $ ( 3,521 ) $ ( 2,770 ) $ ( 5,202 ) Comprehensive income (loss) $ 1,304 $ ( 8,578 ) $ ( 20,067 ) $ ( 34,811 ) Basic and diluted net loss per share $ ( 0.13 ) $ ( 0.18 ) $ ( 0.59 ) $ ( 0.84 ) Shares used to calculate basic and diluted net loss per share 48,997 47,539 48,522 46,410 See notes to condensed consolidated financial statements (unaudited). 3 Table of Contents NN, Inc. Condensed Consolidated Balance Sheets (Unaudited) (in thousands, except per share data) September 30, 2024 December 31, 2023 Assets Current as

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