NN, Inc. reports decrease in sales due to supply chain disruptions and geopolitical events, but remains optimistic. #NNInc #financialresults #supplychain
$NNBR reports decrease in sales and net loss in Q1 2023 due to macro challenges and inefficiencies in Mobile Solutions group
NN, Inc. faced macro challenges and program launch inefficiencies in Q1 2023, resulting in reduced production volumes and a net loss of $13.4M, despite improved free cash flow. With reduced indirect labor, Q2 results are hoped to be better. Net sales decreased by 1% due to volume reduction and forex impacts, partially offset by pricing actions. Adjusted income from operations increased, primarily due to premium pricing. Adjusted financial measures are disclosed to provide additional information. The company's conference call to discuss results will be on May 5, 2023.