Boston, MA 05/07/2014 (wallstreetpr) – NN, Inc. (NASDAQ:NNBR)‘s notable performance in its first quarter has led the shares of the company rally by nearly 10% during yesterday’s session. The company made it through the Wall Street’s expectations in the first quarter.
First-Quarter Highlights
The net income of NN, Inc. (NASDAQ:NNBR) from continuing operations stood at $0.31 per share of $5.6 million versus the analysts’ estimate of $0.29 per share. That compares to NN’s $3.6 million net income or $0.21 per share in the first quarter of 2013. The company’s sales during the quarter grew 9.3% to $102.5 million that topped the estimates by $1.22 million. Its net sales during the previous year’s same quarter were at $93.8 million. The net sales for the quarter are inclusive of nearly $1.8 million net sales resulted from the acquisition of V-S Industries assets in February, 2014.
Management Outlook
NN, Inc. (NASDAQ:NNBR)’s President and Chief Executive Officer, Richard Holder, said during the conference call that the momentum gained in 2013 continued to drive sales of the company in the first quarter. The sales and operating income performance is reported at the highest level this time since 2012 first quarter. Holder said that the improvement in its business is on account of economic recovery in Europe, continued strong growth in China as well as product expansion and improving market share. The company’s sales were low-key in North America as the severe winter experience pushed the automative market in sluggishness.
Holder adds that the results so far have been satisfactory and in line with its expectations. The company remains positive about growth for the rest of the year. Though the company’s sales in Europe is still below pre-recessionary levels, but it is optimistic that the industrial and automotive market in region is coming back to normal. Therefore, NN, Inc. (NASDAQ:NNBR) expects operations performance to improve there in the forthcoming period.
