NN, Inc. Reports Strong Sales Growth And Margin Improvement For Second Quarter 2021

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NN, Inc. Reports Strong Sales Growth And Margin Improvement For Second Quarter 2021
Second quarter net sales increased 56.8% over prior year, driving improved profitability within the quarter

CHARLOTTE, N.C., Aug. 5, 2021 /PRNewswire/ -- NN, Inc. (NASDAQ: NNBR), a diversified industrial company, today reported its financial results for the second quarter ended June 30, 2021.

GAAP Results
Net sales for the second quarter of 2021 increased $44.6 million, or 56.8%, to $123.2 million, compared to $78.5 million for the second quarter of 2020, led by strong sales growth across both segments due to higher demand within markets that were negatively impacted by the COVID-19 pandemic in the prior year and new business in the general industrial market. Second quarter Mobile Solutions sales increased 80.0% and Power Solutions sales increased 31.4% compared to the prior year.

Loss from operations for the second quarter of 2021 was $1.6 million, compared to loss from operations of $11.2 million for the same period in 2020.  The reduction in loss from operations was primarily driven by an increase in sales volume and the ongoing impact of cost reduction initiatives, partially offset by the reinstatement of certain costs that were temporarily suspended in the prior year.

Income from operations for second quarter 2021 in the Mobile Solutions segment was $2.5 million, compared to loss from operations of $4.6 million for the same period in 2020.  Income from operations for second quarter 2021 in the Power Solutions segment was $2.9 million, compared to income from operations of $1.5 million for the same period in 2020.

Net loss for the second quarter of 2021 was $5.4 million, compared to net loss of $21.7 million for the same period in 2020. The reduction in net loss for the second quarter of 2021 was driven by the improvement in gross profit generated from incremental sales volume, as well as reductions in SG&A, interest expense, and overall loss from discontinued operations, which were partially offset by increases in other expenses due to foreign exchange effects on intercompany borrowings and litigation related expenses incurred during the second quarter.

Adjusted Results
Adjusted income from operations for the second quarter of 2021 was $3.2 million, compared to an adjusted loss from operations of $5.7 million for the same period in 2020. Adjusted EBITDA for the second quarter of 2021 was $13.4 million, or 10.9% of sales, versus $4.9 million, or 6.2% of sales, for the same period in 2020. Adjusted net loss for the second quarter of 2021 was $0.2 million, or $0.00 per diluted share, compared to adjusted net loss of $10.2 million, or $0.24 per diluted share, for the same period in 2020. Free cash flow for the second quarter of 2021 was a use of cash of $7.5 million, compared to net cash inflow of $1.3 million for the same period in 2020. Free cash flow within the second quarter of 2021 was impacted by $9.2 million in payments related to the sale of Life Sciences.

Warren Veltman, President and Chief Executive Officer, said, "NN's strong momentum continued in the second quarter, with strong top-line growth driven by customer demand across our two segments. Higher sales and associated increases in gross profit, coupled with the continuing impact of our cost reduction efforts, contributed to the improvement in our bottom line during the quarter.  While we are continuing to see the impact of supply chain challenges on some of our customers due to the continuing impact of the COVID-19 pandemic, we are optimistic on the long-term prospects for continued growth and profitability in our business."

Mobile Solutions
Net sales for the second quarter of 2021 were $73.9 million, compared to $41.0 million in the second quarter of 2020, an increase of 80.0% or $32.8 million. The increase in sales was driven by higher demand within all markets that were negatively impacted by the COVID-19 pandemic in the prior year, as well as new business in the general industrial market. Adjusted income from operations for the second quarter of 2021 was $3.3 million, compared to $3.4 million of adjusted operating loss in the second quarter of 2020. Adjusted operating income increased as a result of the higher sales as well as a build-up of inventory to combat supply interruptions that resulted in favorable overhead absorption in the quarter. This was partially offset by the reintroduction of costs that were suspended in the prior year due to the COVID-19 pandemic, including certain benefits and overtime pay, as well as an increase in costs with the resumption of travel in the second quarter of 2021. 

Power Solutions
Net sales for the second quarter of 2021 were $49.3 million, compared to $37.5 million in the second quarter of 2020, an increase of 31.4% or $11.8 million. The increase in sales was driven primarily by demand within the end markets which were negatively impacted by the COVID-19 pandemic in the prior year, as well as the impact of higher precious metals prices, which are passed through to customers.  Adjusted income from operations for the second quarter was $5.7 million, compared to $4.7 million in the second quarter of 2020.  The increase in adjusted operating income was due primarily to higher sales volumes partially offset by lower margins on products that use precious metals as well as the reintroduction of expenses and benefits that were temporarily suspended in the prior year due to the COVID-19 pandemic.

Conference Call
NN will discuss its results during its quarterly investor conference call on August 6, 2021, at 9:00 a.m. ET.  The call and supplemental presentation may be accessed via NN's website, www.nninc.com. The conference call can also be accessed by dialing 1-877-317-6789 or 1-412-317-6789, Conference ID: 10155662. For those who are unavailable to listen to the live broadcast, a replay will be available shortly after the call until August 6, 2022.

NN discloses in this press release the non-GAAP financial measures of adjusted income (loss) from operations, adjusted EBITDA, adjusted net income (loss), adjusted net income (loss) per diluted share, and free cash flow.  Each of these non-GAAP financial measures provides supplementary information about the impacts of restructuring and integration expense, acquisition and transition expenses, foreign exchange impacts on inter-company loans, amortization of intangibles and deferred financing costs, and other non-operating impacts on our business.

The financial tables found later in this press release include a reconciliation of adjusted income (loss) from operations, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted net income (loss), adjusted net income (loss) per diluted share, and free cash flow to the U.S. GAAP financial measures of income (loss) from operations, net income (loss), net income (loss) per diluted share, and cash provided (used) by operating activities.

About NN, Inc.
NN, Inc., a diversified industrial company, combines advanced engineering and production capabilities with in-depth materials science expertise to design and manufacture high-precision components and assemblies for a variety of markets on a global basis. Headquartered in Charlotte, North Carolina, NN has 31 facilities in North America, Europe, South America, and China.

Except for specific historical information, many of the matters discussed in this press release may express or imply projections of revenues or expenditures, statements of plans and objectives or future operations or statements of future economic performance. These, and similar statements, are forward-looking statements concerning matters that involve risks, uncertainties and other factors which may cause the actual performance of NN, Inc. and its subsidiaries to differ materially from those expressed or implied by this discussion. All forward-looking information is provided by the Company pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995 and should be evaluated in the context of these factors. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "assumptions", "target", "guidance", "outlook", "plans", "projection", "may", "will", "would", "expect", "intend", "estimate", "anticipate", "believe", "potential" or "continue" (or the negative or other derivatives of each of these terms) or similar terminology. Factors which could materially affect actual results include, but are not limited to: general economic conditions and economic conditions in the industrial sector, the impacts of the coronavirus (COVID-19) pandemic on the Company's financial condition, business operations and liquidity, inventory levels, regulatory compliance costs and the Company's ability to manage these costs, start-up costs for new operations, debt reduction, competitive influences, risks that current customers will commence or increase captive production, risks of capacity underutilization, quality issues, availability and price of raw materials, currency and other risks associated with international trade, the Company's dependence on certain major customers, and the successful implementation of the global growth plan including development of new products. Similarly, statements made herein and elsewhere regarding pending and completed transactions are also forward-looking statements, including statements relating to the future performance and prospects of an acquired business, the expected benefits of an acquisition on the Company's future business and operations and the ability of the Company to successfully integrate recently acquired businesses.

For additional information concerning such risk factors and cautionary statements, please see the section titled "Risk Factors" in the Company's periodic reports filed with the Securities and Exchange Commission, including, but not limited to, the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2020, and, when filed, the Company's Quarterly Report on Form 10-Q for the three months ended June 30, 2021. Except as required by law, we undertake no obligation to update or revise any forward-looking statements we make in our press releases, whether as a result of new information, future events or otherwise.

FOR FURTHER INFORMATION:

Mike Danehy, CPA
Investor Relations Contact
Mike.Danehy@nninc.com
(980) 264-4312

Financial Tables Follow

 

NN, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

(Unaudited)




Three Months Ended

June 30,


Six Months Ended

June 30,

(in thousands, except per share data)


2021


2020


2021


2020

Net sales


$

123,157



$

78,532



$

249,961



$

194,745


Cost of sales (exclusive of depreciation and amortization shown separately below)


99,797



65,058



199,485



159,536


Selling, general, and administrative expense


13,585



14,273



28,160



30,433


Depreciation and amortization


11,687



11,327



23,255



22,684


Goodwill impairment








92,942


Other operating expense (income), net


(324)



(949)



(329)



4,177


Loss from operations


(1,588)



(11,177)



(610)



(115,027)


Interest expense


3,573



6,356



5,597



10,163


Loss on extinguishment of debt and write-off of debt issuance costs






2,390




Derivative payments on interest rate swap






1,717




Loss on interest rate swap






2,033




Other expense (income), net


1,680



(1,215)



1,558



329


Loss from continuing operations before benefit (provision) for income taxes and share of net income from joint venture


(6,841)



(16,318)



(13,905)



(125,519)


Benefit (provision) for income taxes


231



(2,175)



987



(780)


Share of net income from joint venture


1,219



927



2,614



656


Loss from continuing operations


(5,391)



(17,566)



(10,304)



(125,643)


Loss from discontinued operations, net of tax




(4,182)





(144,296)


Net loss


$

(5,391)



$

(21,748)



$

(10,304)



$

(269,939)


Other comprehensive income (loss):









Foreign currency translation gain (loss)


$

4,409



$

994



$

1,062



$

(13,348)


Interest rate swap:









Change in fair value, net of tax




(1,255)





(12,464)


Reclassification adjustment for losses included in net loss, net of tax




2,638



2,851



3,690


Other comprehensive income (loss)


$

4,409



$

2,377



$

3,913



$

(22,122)


Comprehensive loss


$

(982)



$

(19,371)



$

(6,391)



$

(292,061)


Basic net loss per common share:









Loss from continuing operations per common share


$

(0.17)



$

(0.49)



$

(0.62)



$

(3.12)


Loss from discontinued operations per common share




(0.10)





(3.43)


Net loss per common share


$

(0.17)



$

(0.59)



$

(0.62)



$

(6.55)


Weighted average common shares outstanding


44,440



42,197



43,561



42,154


Diluted net loss per common share:









Loss from continuing operations per common share


$

(0.17)



$

(0.49)



$

(0.62)



$

(3.12)


Loss from discontinued operations per common share




(0.10)





(3.43)


Net loss per common share


$

(0.17)



$

(0.59)



$

(0.62)



$

(6.55)


Weighted average common shares outstanding


44,440



42,197



43,561



42,154


 

NN, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)


(in thousands, except per share data)


June 30,
2021


December 31,
2020

Assets





Current assets:





Cash and cash equivalents


$

31,543



$

48,138


Accounts receivable, net


82,177



84,615


Inventories


74,770



62,517


Income tax receivable


13,071



8,800


Other current assets


13,125



11,148


Total current assets


214,686



215,218


Property, plant and equipment, net


219,808



223,690


Operating lease right-of-use assets


48,407



50,264


Intangible assets, net


95,891



103,065


Investment in joint venture


29,897



26,983


Deferred tax assets


131




Other non-current assets


4,763



5,742


Total assets


$

613,583



$

624,962


Liabilities, Preferred Stock, and Stockholders' Equity





Current liabilities:





Accounts payable


$

46,834



$

37,435


Accrued salaries, wages and benefits


21,279



21,296


Income tax payable


1,494



3,557


Current maturities of long-term debt


4,808



4,885


Current portion of operating lease liabilities


5,130



4,797


Other current liabilities


12,651



31,261


Total current liabilities


92,196



103,231


Deferred tax liabilities


9,196



11,178


Long-term debt, net of current portion


150,728



79,025


Operating lease liabilities, net of current portion


53,601



55,053


Other non-current liabilities


26,438



17,237


Total liabilities


332,159



265,724


Commitments and contingencies





Series D perpetual preferred stock - $0.01 par value per share, 65 shares authorized, issued and outstanding at June 30, 2021


49,069




Series B convertible preferred stock - $0.01 par value per share, 100 shares authorized, issued and outstanding at December 31, 2020




105,086


Stockholders' equity:





Common stock - $0.01 par value per share, 90,000 shares authorized, 42,686 and 43,034 shares issued and outstanding at December 31, 2020, and June 30, 2021, respectively


430



427


Additional paid-in capital


477,923



493,332


Accumulated deficit


(216,179)



(205,875)


Accumulated other comprehensive loss


(29,819)



(33,732)


Total stockholders' equity


232,355



254,152


Total liabilities, preferred stock, and stockholders' equity


$

613,583



$

624,962


 


NN, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)




Six Months Ended

June 30,

(in thousands) 


2021


2020

Cash flows from operating activities





Net loss


$

(10,304)



$

(269,939)


Adjustments to reconcile net loss to net cash provided by operating activities:





Depreciation and amortization of continuing operations


23,255



22,684


Depreciation and amortization of discontinued operations




23,701


Amortization of debt issuance costs and discount


718



3,348


Goodwill impairment of continuing operations




92,942


Goodwill impairment of discontinued operations




146,757


Loss on extinguishment of debt and write-off of debt issuance costs


2,390




Total derivative loss, net of cash settlements


3,750




Share of net income from joint venture


(2,614)



(656)


Compensation expense from issuance of share-based awards


1,649



2,707


Deferred income taxes


(3,050)



(8,889)


Other


(1,154)



(2,207)


Changes in operating assets and liabilities:





Accounts receivable


2,685



23,485


Inventories


(12,052)



(4,327)


Accounts payable


9,441



(12,391)


Income taxes receivable and payable, net


(6,326)



(12,897)


Other


(2,490)



11,544


Net cash provided by operating activities


5,898



15,862


Cash flows from investing activities





Acquisition of property, plant and equipment


(11,015)



(15,624)


Proceeds from sale of property, plant, and equipment


74



3,112


Cash paid for post-closing adjustments on sale of business


(3,880)




Cash settlements of interest rate swap


(15,420)




Net cash used in investing activities


(30,241)



(12,512)


Cash flows from financing activities





Cash paid for debt issuance costs


(6,981)



(286)


Proceeds from issuance of preferred stock


61,793




Redemption of preferred stock


(122,434)




Proceeds from long-term debt


156,000



64,716


Repayments of long-term debt


(77,442)



(9,078)


Repayments of short-term debt, net


(1,321)



(411)


Other


(2,685)



(1,523)


Net cash provided by financing activities


6,930



53,418


Effect of exchange rate changes on cash flows


818



(5,776)


Net change in cash and cash equivalents


(16,595)



50,992


Cash and cash equivalents at beginning of period (1)


48,138



31,703


Cash and cash equivalents at end of period (1)


$

31,543



$

82,695















(1)

Cash and cash equivalents include $12.2 million and $13.8 million of cash and cash equivalents that were included in current assets of discontinued operations as of June 30, 2020, and December 31, 2019, respectively.

 

Reconciliation of GAAP Income (Loss) from Operations to Non-GAAP Adjusted Income (Loss) from Operations



$000s

Three Months Ended June 30,

NN, Inc. Consolidated

2021


2020

GAAP income (loss) from operations

$

(1,588)



$

(11,177)


Acquisition and transition expense*

1,151



1,858


Amortization of intangibles

3,588



3,587


Non-GAAP adjusted income (loss) from operations (a)

$

3,151



$

(5,732)






Non-GAAP adjusted operating margin (1)

2.6

%


(7.3)

%

GAAP net sales

$

123,157



$

78,532








$000s

Three Months Ended June 30,

Power Solutions

2021


2020

GAAP income (loss) from operations

$

2,875



$

1,454


Acquisition and transition expense*

105



507


Amortization of intangibles

2,749



2,749


Non-GAAP adjusted income (loss) from operations (a)

$

5,729



$

4,710






Non-GAAP adjusted operating margin (1)

11.6

%


12.6

%

GAAP net sales

$

49,271



$

37,491





$000s

Three Months Ended June 30,

Mobile Solutions

2021


2020

GAAP income (loss) from operations

$

2,509



$

(4,592)


Acquisition and transition expense*



345


Amortization of intangibles

839



838


Non-GAAP adjusted income (loss) from operations (a)

3,348



(3,409)






Share of net income from joint venture

1,219



927


Non-GAAP adjusted income (loss) from operations with JV

$

4,567



$

(2,482)






Non-GAAP adjusted operating margin (1)

6.2

%


(6.0)

%

GAAP net sales

$

73,886



$

41,037










$000s

Three Months Ended June 30,

Elimination

2021


2020

GAAP net sales

$



$

4






(1)

Non-GAAP adjusted operating margin = Non-GAAP adjusted income from operations / GAAP net sales

2021 Includes Capacity & Capabilities - $— / Prof Fees - $0.2 / Integration & Transformation - $0.9 / Acq Transaction Costs - $— / Asset Write-Downs/Inventory Step-Up - $—

2020 Includes Capacity & Capabilities - $0.4 / Prof Fees - $0.9 / Integration & Transformation -  $1.4/ Acq Transaction Costs - $— / Asset Write-Downs/Inventory Step-Up - $(0.9)

 

Reconciliation of Net Income (Loss) to Non-GAAP Adjusted EBITDA



Three Months Ended June 30,

000's

2021


2020

GAAP net income (loss)

$

(5,391)



$

(21,748)






Provision (benefit) for income taxes

(231)



2,175


Interest expense

3,573



6,356


Change in fair value of preferred stock derivatives and warrants

672



(31)


Depreciation and amortization

11,687



11,327


Acquisition and transition expense

1,151



1,858


Non-cash stock compensation

1,076



1,208


Non-cash foreign exchange (gain) loss on inter-company loans

(643)



(474)


Costs related to divested businesses and litigation settlement

1,500




Loss from discontinued operations, net of tax



4,182


Non-GAAP adjusted EBITDA (b)

$

13,394



$

4,853






Non-GAAP adjusted EBITDA margin (2)

10.9

%


6.2

%

GAAP net sales

$

123,157



$

78,532




(2)

Non-GAAP adjusted EBITDA margin = Non-GAAP adjusted EBITDA / GAAP net sales

 

Reconciliation of Net Income (Loss) to Non-GAAP Adjusted Net Income (Loss) and Net Income (Loss)

per Diluted Share to Non-GAAP Adjusted Net Income (Loss) per Diluted Share



Three Months Ended

June 30,

000's

2021


2020

GAAP net income (loss)

$

(5,391)



$

(21,748)






Pre-tax acquisition and transition expense

1,151



1,858


Pre-tax foreign exchange (gain) loss on inter-company loans

(643)



(474)


Pre-tax change in fair value of preferred stock derivatives and warrants

672



(31)


Pre-tax amortization of intangibles and deferred financing costs

3,900



4,035


Pre-tax costs related to divested businesses and litigation settlement

1,500




Tax effect of adjustments reflected above (c)

(1,382)



(1,133)


Non-GAAP discrete tax adjustments



3,123


Loss from discontinued operations



4,182


Non-GAAP adjusted net income (loss) (d)

$

(193)



$

(10,188)







Three Months Ended

June 30,

Amounts per share, diluted

2021


2020

GAAP net income (loss) per diluted share

$

(0.17)



$

(0.59)






Pre-tax acquisition and transition expense

0.03



0.04


Pre-tax foreign exchange (gain) loss on inter-company loans

(0.01)



(0.01)


Pre-tax change in fair value of preferred stock derivatives and warrants

0.02




Pre-tax amortization of intangibles and deferred financing costs

0.09



0.10


Pre-tax costs related to divested businesses and litigation settlement

0.03




Tax effect of adjustments reflected above (c)

(0.03)



(0.03)


Non-GAAP discrete tax adjustments



0.07


Loss from discontinued operations



0.10


Preferred stock cumulative dividends and deemed dividends

0.05



0.07


Non-GAAP adjusted net income (loss) per diluted share (d)

$



$

(0.24)


Weighted average common shares outstanding

44,440



42,197


 


Reconciliation of Operating Cash Flow to Free Cash Flow



Three Months Ended

June 30,

000's

2021


2020

Net cash provided by (used in) operating activities

$

(1,986)



$

5,638


Acquisition of property, plant and equipment

(5,547)



(4,364)


Free cash flow

$

(7,533)



$

1,274


The Company discloses in this presentation the non-GAAP financial measures of adjusted income (loss) from operations, adjusted EBITDA, adjusted net income (loss), adjusted net income (loss) per diluted share, free cash flow and net debt.  Each of these non-GAAP financial measures provides supplementary information about the impacts of acquisition, divestiture and integration related expenses, foreign-exchange impacts on inter-company loans, reorganizational and impairment charges.  Over the past five years, we have completed several acquisitions, one of which was transformative for the Company, and sold two of our businesses.  The costs we incurred in completing such acquisitions, including the amortization of intangibles and deferred financing costs, and these divestitures have been excluded from these measures because their size and inconsistent frequency are unrelated to our commercial performance during the period, and which we believe are not indicative of our ongoing operating costs. We exclude the impact of currency translation from these measures because foreign exchange rates are not under management's control and are subject to volatility. Other non-operating charges are excluded as the charges are not indicative of our ongoing operating cost. We believe the presentation of adjusted income (loss) from operations, adjusted EBITDA, adjusted net income (loss), adjusted net income (loss) per diluted share, free cash flow and net debt provides useful information in assessing our underlying business trends and facilitates comparison of our long-term performance over given periods.

The non-GAAP financial measures provided herein may not provide information that is directly comparable to that provided by other companies in the Company's industry, as other companies may calculate such financial results differently. The Company's non-GAAP financial measures are not measurements of financial performance under GAAP and should not be considered as alternatives to actual income growth derived from income amounts presented in accordance with GAAP. The Company does not consider these non-GAAP financial measures to be a substitute for, or superior to, the information provided by GAAP financial results.

(a) Non-GAAP Adjusted income (loss) from operations represents GAAP income (loss) from operations, adjusted to exclude the effects of restructuring and integration expense; non-operational charges related to acquisition and transition expense, intangible amortization costs for fair value step-up in values related to acquisitions, non-cash impairment charges, and when applicable, our share of income from joint venture operations. We believe this presentation is commonly used by investors and professional research analysts in the valuation, comparison, rating, and investment recommendations of companies in the industrial industry. We use this information for comparative purposes within the industry. Non-GAAP adjusted income (loss) from operations is not a measure of financial performance under GAAP and should not be considered as a measure of liquidity or as an alternative to GAAP income (loss) from operations.

(b) Non-GAAP adjusted EBITDA represents GAAP net income (loss), adjusted to include income taxes, interest expense, write-off of unamortized debt issuance costs, interest rate swap payments and change in fair value, change in fair value of preferred stock derivatives and warrants, depreciation and amortization, charges related to acquisition and transition costs, non-cash stock compensation expense, foreign exchange gain (loss) on inter-company loans, restructuring and integration expense, costs related to divested businesses and litigation settlements, income from discontinued operations, and non-cash impairment charges, to the extent applicable. We believe this presentation is commonly used by investors and professional research analysts in the valuation, comparison, rating, and investment recommendations of companies in the industrial industry. We use this information for comparative purposes within the industry. Non-GAAP adjusted EBITDA is not a measure of financial performance under GAAP and should not be considered as a measure of liquidity or as an alternative to GAAP income (loss) from continuing operations.

(c) This line item reflects the aggregate tax effect of all non-tax adjustments reflected in the respective table. NN, Inc. estimates the tax effect of the adjustment items identified in the reconciliation schedule above by applying the applicable statutory rates by tax jurisdiction unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment.

(d) Non-GAAP adjusted net income (loss) represents GAAP  net income (loss) adjusted to exclude the tax-affected effects of charges related to acquisition and transition costs, foreign exchange gain (loss) on inter-company loans, restructuring and integration charges, amortization of intangibles costs for fair value step-up in values related to acquisitions and amortization of deferred financing costs, non-cash impairment charges, write-off of unamortized debt issuance costs, interest rate swap payments and change in fair value, change in fair value of preferred stock derivatives and warrants, costs related to divested businesses and litigation settlements, income (loss) from discontinued operations, and preferred stock cumulative dividends and deemed dividends. We believe this presentation is commonly used by investors and professional research analysts in the valuation, comparison, rating, and investment recommendations of companies in the industrial industry. We use this information for comparative purposes within the industry. Non-GAAP adjusted income (loss) from segment operations is not a measure of financial performance under GAAP and should not be considered as a measure of liquidity or as an alternative to GAAP income (loss) from continuing operations.

Cision View original content:https://www.prnewswire.com/news-releases/nn-inc-reports-strong-sales-growth-and-margin-improvement-for-second-quarter-2021-301349766.html

SOURCE NN, Inc.