JOHNSON CITY, Tenn.,
June 18, 2015 /PRNewswire/
-- NN, Inc., (NASDAQ: NNBR) a diversified industrial company,
today announced it is revising its 2015 revenue guidance from the
previously provided range of $670 - $690
million dollars as a result of continued weakness in the
Brazilian economy. The company now expects 2015 revenue to be
between $660 - $670 million
dollars.
During 2014, NN and its acquired companies sold approximately
$47 million into Brazil. The company now expects 2015 revenue
in Brazil to be off the planned
$52 million by approximately 38% -
40% based on new estimates showing Brazil's GDP will contract 2% in 2015 along
with the reduction in automotive build and sales estimates in the
country.
NN's 2015 revenue in North
America, Europe and
Asia remain at or near the
guidance levels previously provided. NN continues to reaffirm
its 2018 strategic targets.
Richard Holder, President and CEO
commented, "While our team did a great job in the first quarter
managing our Brazilian business, the economic challenges continue
to persist. Light vehicle sales in Brazil were 20% lower through May and are
expected to be 30% lower in the coming months compared to the last
several years, which have pushed OEM inventories higher than
normal. While this economic struggle is disappointing, we remain
committed to the Brazilian market and believe our competitive
position in the country will provide us a significant advantage in
the future. Excluding Brazil, the remainder of our businesses
around the globe continue to perform in line with our expectations
and we remain committed to achieving our 2018 strategic plan and
targets."
NN, Inc., a diversified industrial company manufactures and
supplies high precision metal bearing components, industrial
plastic and rubber products and precision metal components to a
variety of markets on a global basis. Headquartered in
Johnson City, Tennessee, NN has 25
manufacturing plants in the United
States, Western Europe,
Eastern Europe, South America and China.
Except for specific historical information, many of the
matters discussed in this press release may express or imply
projections of revenues or expenditures, statements of plans and
objectives or future operations or statements of future economic
performance. These, and similar statements, are forward-looking
statements concerning matters that involve risks, uncertainties and
other factors which may cause the actual performance of NN, Inc.
and its subsidiaries to differ materially from those expressed or
implied by this discussion. All forward-looking information is
provided by the Company pursuant to the safe harbor established
under the Private Securities Litigation Reform Act of 1995 and
should be evaluated in the context of these factors.
Forward-looking statements generally can be identified by the use
of forward-looking terminology such as "assumptions", "target",
"guidance", "outlook", "plans", "projection", "may", "will",
"would", "expect", "intend", "estimate", "anticipate", "believe",
"potential" or "continue" (or the negative or other derivatives of
each of these terms) or similar terminology. Factors which could
materially affect actual results include, but are not limited to:
general economic conditions and economic conditions in the
industrial sector, inventory levels, regulatory compliance costs
and the Company's ability to manage these costs, start-up costs for
new operations, debt reduction, competitive influences, risks that
current customers will commence or increase captive production,
risks of capacity underutilization, quality issues, availability
and price of raw materials, currency and other risks associated
with international trade, the Company's dependence on certain major
customers, and the successful implementation of the global growth
plan including development of new products. Similarly, statements
made herein and elsewhere regarding pending or completed
acquisitions are also forward-looking statements, including
statements relating to the anticipated closing date of an
acquisition, the Company's ability to obtain required regulatory
approvals or satisfy closing conditions, the costs of an
acquisition and the Company's source(s) of financing, the future
performance and prospects of an acquired business, the expected
benefits of an acquisition on the Company's future business and
operations and the ability of the Company to successfully integrate
recently acquired businesses.
For additional information concerning such risk factors and
cautionary statements, please see the section titled "Risk Factors"
in the Company's periodic reports filed with the Securities and
Exchange Commission, including, but not limited to, the Company's
Annual Report on Form 10-K for the fiscal year ended December 31, 2014. Except as required by law, we
undertake no obligation to update or revise any forward-looking
statements we make in our press releases, whether as a result of
new information, future events or otherwise.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/nn-inc-revises-2015-full-year-revenue-based-on-brazilian-economic-outlook-300101679.html
SOURCE NN, Inc.