NN Inc. Shares Climb 15% on Full-Year New Business Guidance Ahead of Expectations

Dow Jones

15 Jan

By Owen Tucker-Smith

Shares of NN Inc. rose after the company reported that new business in 2024 landed above its guidance range.

The North Carolina manufacturing company's stock was recently up 15%, to $2.78, midday Tuesday. Despite the intraday gains, the stock remains down almost 49% from its 52-week high of $5.40 a share.

The company, which engineers and manufacturers high-precision components and assemblies, reported new business totaling $73 million during 2024, and said it is on track to meet its five-year goal of accumulating $325 million in new business. In October, the company expected new business for 2024 between $55 million and $70 million.

Chief Executive Harold Bevis said the company expects to continue its pace of acquisitions into 2025 and 2026. The company is launching 50 out of the 80 new programs it is planning during 2025 in the first quarter, he added.

"We also intend to acquire additional revenue above $600 million in certain areas, specifically medical and electrical, and look forward to updating the market with our progress as we win new business, grow our sales, and deliver expanded profits to drive shareholder value creation," Bevis said.

Write to Owen Tucker-Smith at owen.tucker-smith@wsj.com

(END) Dow Jones Newswires

January 14, 2025 12:57 ET (17:57 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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Shares Climb 15% on Full-Year New Business Guidance Ahead of Expectations\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2025-01-15 01:57</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<pre>\n \n</pre>\n<p>\n  By Owen Tucker-Smith \n</p>\n<pre>\n \n</pre>\n<p>\n  Shares of <a href=\"https://laohu8.com/S/NNBR\">NN Inc</a>. rose after the company reported that new business in 2024 landed above its guidance range. \n</p>\n<p>\n  The North Carolina manufacturing company's stock was recently up 15%, to $2.78, midday Tuesday. 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Despite the intraday gains, the stock remains down almost 49% from its 52-week high of $5.40 a share. \n\n\n  The company, which engineers and manufacturers high-precision components and assemblies, reported new business totaling $73 million during 2024, and said it is on track to meet its five-year goal of accumulating $325 million in new business. In October, the company expected new business for 2024 between $55 million and $70 million. \n\n\n  Chief Executive Harold Bevis said the company expects to continue its pace of acquisitions into 2025 and 2026. 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