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NN Inc. (NNBR-5.03%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing a decrease in net sales to $464.3 million from $489.3 million in the previous year. The decrease is attributed to the sale of the Lubbock operations and rationalized volume at plants undergoing turnarounds.
Cost of sales for the year was $394.8 million, representing 85% of sales, compared to 85.7% in the previous year. This slight improvement in cost ratio is due to lower sales volume and labor costs associated with facility closures.
The company reported a loss from operations of $27.5 million for the year, compared to a loss of $21.8 million in the previous year, with the decline attributed to the impairment of machinery and equipment at a plant that will close in 2025.
Interest expense increased to $22.1 million from $21.1 million, primarily due to a decrease in the gain recognized on interest rate swap and an increase in the amortization of debt issuance costs.
Net loss for the year was $38.3 million, compared to a net loss of $50.2 million in the previous year. The improvement is primarily due to a $7.2 million gain on the sale of the Lubbock operations and a decrease in noncash derivative mark-to-market losses.
Cash provided by operating activities was $11.1 million, while cash used in investing and financing activities was $1.0 million and $13.2 million, respectively.
NN had a working capital of $83.7 million as of December 31, 2024. The company continues to focus on improving its balance sheet and accelerating sales growth.
The filing also details various financial agreements, including a new asset backed credit facility and several sale-leaseback transactions to optimize the company's financial structure.
NN does not anticipate cash dividend payments to common stockholders in the near future.
The company identified a material weakness in its internal controls over financial reporting due to a lack of resources with SEC financial reporting experience.
NN continues to focus on its Mobile Solutions and Power Solutions segments, with a strategic emphasis on growth in the automotive, general industrial, and medical end markets.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the NN Inc. annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.