Posted August 11, 2010
NN sales up 62 percent
Bearings manufacturer NN Inc. reported Q2 net sales were $92.7 million, 62.3% over the same period of 2009.
Approximately $40.0 million of the increase was attributable to the recovering demand for the company's products, particularly in the industrial and automotive end markets. This increase was offset by a negative foreign currency translation of $3.4 million and the negative effect of raw material pass through and mix changes of approximately $1.0 million.
Net income for the second quarter of 2010 was $5.1 million, or 31 cents per diluted share compared to a net loss of $13.5 million or 83 cents per diluted share for the second quarter of 2009.
Net sales for the first six months of 2010 were $178.0 million compared to $115.0 million for the comparable period last year, an increase of 54.8%.
