NNBR - NN Inc. (NNBR) Q1 2024 Earnings Call Transcript
2024-05-07 15:15:25 ET
NN, Inc. (NNBR)
Q1 2024 Earnings Conference Call
May 07, 2024 09:00 AM ET
Company Participants
Stephen Poe - Investor Relations
Harold Bevis - President & Chief Executive Officer
Mike Felcher - Senior Vice President & Chief Financial Officer
Tim French - Senior Vice President & Chief Operating Officer
Conference Call Participants
Joe Gomes - Noble Capital
John Franzreb - Sidoti & Company
Rob Brown - Lake Street Capital Markets
Mike Crawford - B. Reilly
Tom Kerr - Zacks Investment Research
Presentation
Operator
Good day, and welcome to the NN, Incorporated. First Quarter 2024 Earnings Call [Operator Instructions]. Please note, this event is being recorded. I would now like to turn the conference over to Mr. Stephen Poe, Investor Relations. Please go ahead, sir.
Stephen Poe
Thank you, operator. Good morning, everyone, and thanks for joining us. I'm Stephen Poe, Investor Relations contact for NN, Inc. and I'd like to thank you for attending today's business update. Last evening, we issued a press release announcing our financial results for the first quarter ended March 31, 2024, as well as a supplemental presentation, which has been posted on the Investor Relations section of our website. If anyone needs a copy of the press release or the supplemental presentation, you may contact Alpha IR Group at nnbr@alpha-ir.com.
Our presenters on the call will be Harold Bevis, President and Chief Executive Officer; and Mike Felcher, Senior Vice President and Chief Financial Officer. Tim French, our Senior Vice President and Chief Operating Officer will also join us for the Q&A portion of the call.
Please turn to Slide 2, where you'll find our forward-looking statements and disclosure information. Before we begin, I'd ask that you take note of the cautionary language regarding forward-looking statements contained in today's press release, supplemental presentation and when filed the Risk Factors section in the company's Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2024. The same language applies to comments made on today's conference call, including the Q&A session as well as the live webcast.
Our presentation today will contain forward-looking statements regarding sales, margins, inflation, supply chain constraints, foreign exchange rates, cash flow, tax rates, acquisitions and divestitures, synergies, cash and cost savings, future operating results, performance of our worldwide markets, general economic conditions and economic conditions in the industrial sector, the impacts of the pandemics and other public health crises and military conflicts on the company's financial condition and other topics. These statements should be used with caution and are subject to various risks and uncertainties, many of which are outside of the company's control. The presentation also includes certain non-GAAP measures as defined by SEC rules. The reconciliation of such non-GAAP measures is contained in the tables in the final section of the press release and the supplemental presentation. Please turn to Slide 3 and I will now turn the call over to our CEO, Harold Bevis.
Harold Bevis
Thank you, Stephen. And good morning, everyone. Please turn to Page 4 in our earnings deck. NN had a successful first quarter, highlighted by growth in our core plants, continued execution of our business transformation strategy, which was underlined by a number of observable operational improvements at our underperforming locations. We also continued our commercial momentum winning new business in the quarter at a very strong pace, capturing more of the $17 million of new awards, which we estimate to be about three times market growth rates....
NN, Inc. (NNBR) Q1 2024 Earnings Call Transcript