NNBR - NN Inc. Announces Another Strong Quarter of New Business Awards at $17.2 million in Q1 2024 | Benzinga
CHARLOTTE, N.C., April 08, 2024 (GLOBE NEWSWIRE) -- NN, Inc. (NASDAQ:NNBR), a global diversified industrial company that engineers and manufactures high-precision components and assemblies, today announced another strong quarter of new business wins, with $17.2 million in new business awards in the first quarter of 2024. NN continued its momentum from the second half of 2023, consistent with the company's 2024 target of $55-$70 million of new business awards. Additionally, over 70% of the Q1 2024 awards have an immediate startup in 2024.
"We are becoming a force to be reckoned with in our targeted market and product segments. We are very focused and have a progressive plan to learn fast and react fast to great opportunities that fit our strengths," said Verlin Bush, Chief Commercial Officer of NN, Inc. "We have deep technical expertise in precision metal solutions, open capacity for many products and are moving quickly on new capabilities that fit our future direction. We intend to lead in our product categories and add additional avenues for growth. It's an extremely exciting time to be in our industries as a value-added partner. This strong performance requires multi-functional teamwork amongst sales, engineering, operations and procurement. We are making it happen."
NN secured 23 new business wins in the first quarter, averaging $700,000 each across its strategic regions in North America, South America, Europe and China. NN has formulated stronger programs in certain regions and is improving its sales mix by creating options for swap-outs and trade ups at certain plants. 72% of the awards startup in 2024; 3% in 2025 and 25% in 2026.
"Securing above-market profitable sales growth is a key pillar of our multi-year transformation plan. Our end markets are healthy with plenty of opportunities to participate at a higher rate," said Harold Bevis, President and CEO ...