Posted May 9, 2011
NN Inc. sales up 30.4%
NN Inc. reported net sales for the first quarter of 2011 rose $26.0 million or 30.4% to $111.3 million, compared to $85.3 million for the same period of 2010.
The increase was due primarily to increased demand in the industrial and automotive end markets. Net income for the first quarter of 2011 of $5.5 million, or 33 cents per diluted share.
"The strong customer demand for our products that we experienced in 2010 continued into the first quarter of 2011 and currently we expect this strong demand to continue throughout 2011," said James H. Dorton, senior vice president and chief financial officer.
Roderick R. Baty, chairman and chief executive officer, said first quarter revenues and earnings for NN's Metal Bearing Components and Plastic and Rubber business units are "well ahead of the fourth quarter levels of 2010, and our total revenues and earnings are running ahead of our expectations."
NN Inc. manufacturers and supplies high precision metal bearing components, industrial plastic and rubber products and precision metal components to a variety of markets on a global basis.
