Industrials Archives - Page 8 of 63

FreightCar America (RAIL) – Solid 2024 Financial and Operating Performance; Updating Estimates

Posted on March 14, 2025March 14, 2025 by cpereira@noblefcm.com

Friday, March 14, 2025

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Full year 2024 financial results. FreightCar America generated 2024 adjusted net income to common stockholders of $4.4 million or $0.15 per share compared to a loss of $11.0 million or $(0.39) per share in 2023 and our estimate of $5.5 million or $0.17 per share. Gross margin as a percentage of revenue increased to 12.0% compared to 11.7% in FY 2023. Revenue and rail car deliveries increased to $559.4 million and 4,362 compared to $358.1 million and 3,022 in 2023. We had forecast revenue of $577.4 million and deliveries of 4,550. Adjusted EBITDA increased to $43.0 million compared to $20.1 million in 2023 and our estimate of $38.3 million. Full year adjusted free cash flow amounted to $21.7 million versus $(17.6) million in 2023.

Full Year 2025 corporate guidance. Management issued full year 2025 guidance. Railcar deliveries are expected to be in the range of 4,500 to 4,900, revenue is expected to be in the range of $530 million to $595 million, and adjusted EBITDA is expected to be in the range of $43 to $49 million. Compared to 2024, railcar deliveries, revenue, and adjusted EBITDA are expected to increase 7.7%, 0.6%, and 7.0%, respectively, at the midpoints of guidance.

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Release – CVG Reports Fourth Quarter and Full Year 2024 Results

Posted on March 11, 2025March 11, 2025 by aweinsoff@channelchek.com

Research News and Market Data on CVGI

March 10, 2025

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Accelerating operational momentum through strategic portfolio actions

Provides outlook and guidance for full year 2025

NEW ALBANY, Ohio, March 10, 2025 (GLOBE NEWSWIRE) — CVG (NASDAQ: CVGI), a diversified industrial products and services company, today announced financial results for its fourth quarter and full year ended December 31, 2024.

As a result of completing our strategic portfolio actions, the following are reported as discontinued operations: (1) the Industrial Automation segment, and (2) the financial information from the Cab Structures facility that was previously reported in Vehicle Solutions and Aftermarket and Accessories. CVG has three reportable segments for 2024: Vehicle Solutions, Electrical Systems and Aftermarket & Accessories. The results and comparisons presented below reflect continuing operations unless otherwise noted.

Fourth Quarter 2024 Highlights (Compared with prior-year period, where comparisons are noted)

Revenue of $163.3 million, down 15.7% due primarily to a global softening in Construction and Agriculture customer demand and drop-in Class 8 Heavy Truck builds.
Operating loss of $5.3 million, and adjusted operating loss of $4.3 million, down compared to operating income of $4.1 million and adjusted operating income of $5.4 million. The decrease in operating income was driven primarily by lower sales volumes and operational inefficiencies.
Net loss from continuing operations of $35.0 million, or $(1.04) per diluted share, compared to net income of $22.6 million, or $0.67 per diluted share. Net loss included a non-cash tax valuation allowance of $28.8 million. Adjusted net loss from continuing operations of $5.1 million, or $(0.15) per diluted share, compared to adjusted net income of $2.1 million, or $0.06 per diluted share.
Adjusted EBITDA of $0.9 million, down 89.2%, with an adjusted EBITDA margin of 0.6%, down from 4.3%.
The sale of CVG’s Industrial Automation business closed on October 30, 2024, allowing CVG to focus on its core segments.

Full Year 2024 Highlights (Compared with prior-year period, where comparisons are noted)

Revenue of $723.4 million, down 13.4%, driven by a global softening in customer demand and the wind-down of certain programs in our Vehicle Solutions segment.
New business wins in excess of $97 million when fully ramped; these wins were concentrated in our Electrical Systems segment, predominantly outside of Construction and Agriculture end markets.
Operating loss of $0.8 million, down $40.6 million, and adjusted operating income of $6.5 million, down $35.2 million. The decrease in operating income was due to lower sales volumes and operational inefficiencies.
Continued shifting production capacity to new, lower-cost facilities in Morocco and Mexico, in an effort to improve operating leverage.

James Ray, President and Chief Executive Officer, said, “2024 was a year of meaningful change for CVG. Over the course of the year, we undertook immediate and decisive actions, including the divestitures of non-strategic assets and businesses, and improvement initiatives that we believe position us for future accretive growth. Even in the face of continued external market headwinds, we believe the improvement initiatives executed in 2024 will unlock significant operational efficiencies that we have already started to benefit from in 2025. Additionally, we were pleased to open our new Morocco facility and we continue to ramp up our facility in Aldama, Mexico.”

Mr. Ray continued, “Moving forward, our team is focused on accelerating the operational momentum we’ve built, driving margin accretive growth through a product-focused, operationally efficient enterprise strategy. With a stronger foundation, and as our key end markets stabilize, we expect that we will continue to strengthen the company’s position in the market and deliver value for our stakeholders.”

Andy Cheung, Chief Financial Officer, added, “CVG delivered results consistent with our adjusted full-year guidance ranges, which reflect the Company’s past portfolio and restructuring actions. We anticipate that the benefits from these strategic efforts will become more apparent in 2025 despite notable end market softening and the slower than expected ramp of new business wins. We believe that these organizational improvements, combined with working capital and inventory reductions driving increased cash generation this year, will greatly improve our ability to continue paying down debt. We have implemented a more focused business strategy and continue to streamline our enterprise cost structure. We expect to see EBITDA growth and margin expansion in 2025 which are reflected in our full year 2025 guidance ranges.”

Consolidated Results from Continuing Operations

Fourth Quarter 2024 Results

Fourth quarter 2024 revenues were $163.3 million compared to $193.7 million in the prior year period, a decline of 15.7%. The decrease in revenues is due primarily to lower sales as a result of a softening in customer demand in our Vehicle Solutions and Electrical Systems segments.
Operating loss for the fourth quarter 2024 was $5.3 million compared to operating income of $4.1 million in the prior year period. Excluding special costs, the fourth quarter of 2024 adjusted operating loss was $4.3 million, down from adjusted operating income of $5.4 million in 2023. The decline in adjusted operating income was driven primarily by the impact of lower sales volumes, unfavorable mix, and operational inefficiencies.
Interest expense was $2.2 million and $2.3 million for the fourth quarter ended December 31, 2024 and 2023, respectively.
Net loss from continuing operations was $35.0 million, or $(1.04) per diluted share, for the fourth quarter 2024 compared to net income of $22.6 million, or $0.67 per diluted share, in the prior year period.

At December 31, 2024, the Company had $50.5 million outstanding borrowings on its revolving credit facility, $26.6 million of cash and $84.4 million availability from revolving credit facilities, resulting in total liquidity of $111.0 million.

Fourth Quarter 2024 Segment Results (Compared with prior-year period, where comparisons are noted)

Vehicle Solutions Segment

Revenues were $91.4 million compared to $107.1 million for the prior year period, a decrease of 14.7% primarily due to lower sales volume as a result of decreased customer demand and the wind-down of certain programs.
Operating income for the fourth quarter 2024 was $1.7 million compared to $3.6 million in the prior year period, a decrease of 52.5%, primarily due to lower customer demand, operational remediation investments, and increased freight costs. The fourth quarter of 2024 adjusted operating income was $2.8 million compared to $4.0 million in the prior year period, a decrease of 30.5%.

Electrical Systems Segment

Revenues were $40.3 million compared to $56.2 million in the prior year period, a decrease of 28.3%, primarily resulting from a global softening in the Construction & Agriculture end-markets.
Operating loss was $1.7 million compared to operating income of $6.7 million, a decrease of 125.2% primarily attributable to lower sales volumes and unfavorable foreign exchange.

Aftermarket and Accessories Segment

Revenues were $31.6 million compared to $30.4 million in the prior year period, an increase of 4.0%, primarily resulting from slightly higher customer demand driving increased volumes.
Operating income was $3.2 million compared to $3.3 million in the prior year period, a decrease of 4.6%. The decrease in operating income was increased manufacturing costs. The fourth quarter of 2024 adjusted operating income was $3.1 million compared to $3.3 million in the prior year period.

Outlook

CVG is providing the following outlook for the full year 2025:

Metric	2025 Outlook ($ millions)
Net Sales	$670 – $710
Adjusted EBITDA	$25 – $30

This outlook reflects, among others, current industry forecasts for North American Class 8 truck builds. According to ACT Research, 2025 North American Class 8 truck production levels are expected to be at 316,000 units. The 2024 actual Class 8 truck builds according to the ACT Research was 332,382 units.

Construction and Agriculture end markets are projected to decline approximately 5-10% in 2025. However, we expect contribution from new business wins outside of Construction and Agriculture end markets in Electrical Systems to soften this decline.

Effective January 1, 2025, the Company announced a new organizational structure designed to enhance alignment with its customers and end markets. Under this new structure, CVG will reorganize its vertical business units into the following three operating divisions and reporting segments: Global Electrical Systems, Global Seating, Trim Systems and Components. As part of this realignment, the Company’s Aftermarket & Accessories business unit will be absorbed in these three segments. Its seating and electrical portfolio will transition to Global Seating and Global Electrical Systems, respectively. Its wiper systems will become part of the newly formed Trim Systems and Components business unit in addition to the trim and components businesses from the prior Vehicle Solutions segment. CVG expects this structure to enhance clarity and focus, with each business unit positioned to deliver on its specific strategic and operational objectives.

GAAP to Non-GAAP Reconciliation

A reconciliation of GAAP to non-GAAP financial measures referenced in this release is included as Appendix A to this release.

Conference Call

A conference call to discuss this press release is scheduled for Tuesday, March 11, 2025, at 8:30 a.m. ET. Management intends to reference the Q4 2024 Earnings Call Presentation posted on our website during the conference call. To participate, dial (800) 549-8228 using conference code 45919. International participants dial (289) 819-1520 using conference code 45919.

This call is being webcast and can be accessed through the “Investors” section of CVG’s website at www.cvgrp.com, where it will be archived for one year.

A telephonic replay of the conference call will be available for a period of two weeks following the call. To access the replay, dial (888) 660-6264 using access code 45919 and international callers can dial (289) 819-1325 using access code 45919.

Company Contact

Andy Cheung
Chief Financial Officer
CVG
IR@cvgrp.com

Investor Relations Contact

Ross Collins or Stephen Poe
Alpha IR Group
CVGI@alpha-ir.com

About CVG

Commercial Vehicle Group, Inc. and its subsidiaries, is a global provider of systems, assemblies and components to the global commercial vehicle market and the electric vehicle markets. We deliver real solutions to complex design, engineering and manufacturing problems while creating positive change for our customers, industries, and communities we serve. Information about the Company and its products is available on the internet at www.cvgrp.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. For this purpose, any statements contained herein that are not statements of historical fact, including without limitation, certain statements herein regarding industry outlook, the Company’s expectations for future periods with respect to its plans to improve financial results, the future of the Company’s end markets changes in the Class 8 and Class 5-7 North America truck build rates, performance of the global construction and agricultural equipment business, the Company’s prospects in the wire harness and electric vehicle markets, the Company’s initiatives to address customer needs, organic growth, the Company’s strategic plans and plans to focus on certain segments, competition faced by the Company, volatility in and disruption to the global economic environment, including global supply chain constraints, inflation and labor shortages, tariffs and counter-measures, financial covenant compliance, anticipated effects of acquisitions or divestitures, production of new products, plans for capital expenditures and our results of operations or financial position and liquidity, may be deemed to be forward-looking statements. Without limiting the foregoing, the words “believe”, “anticipate”, “plan”, “expect”, “intend”, “will”, “should”, “could”, “would”, “project”, “continue”, “likely”, and similar expressions, as they relate to us, are intended to identify forward-looking statements. The important factors discussed in “Item 1A – Risk Factors” in the Company’s Annual Report on Form 10-K, among others, could cause actual results to differ materially from those indicated by forward-looking statements made herein and presented elsewhere by management from time to time. Such forward-looking statements represent management’s current expectations and are inherently uncertain. Investors are warned that actual results may differ from management’s expectations. Additionally, various economic and competitive factors could cause actual results to differ materially from those discussed in such forward-looking statements, including, but not limited to, factors which are outside our control.

Any forward-looking statement that we make in this press release speaks only as of the date of such statement, and we undertake no obligation to update any forward-looking statement or to publicly announce the results of any revision to any of those statements to reflect future events or developments. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless specifically expressed as such, and should only be viewed as historical data.

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AZZ Inc. (AZZ) – Updating Estimates to Reflect AVAIL Transaction

Posted on March 11, 2025March 11, 2025 by cpereira@noblefcm.com

Tuesday, March 11, 2025

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

AVAIL joint venture. Through a joint venture, AZZ owns a non-controlling 40% interest in Avail Infrastructure Solutions with the remaining 60% owned by the Fernweh Group LLC. Avail recently executed a definitive agreement to sell its Electrical Products Group to nVent Electric plc (NYSE: NVT) for $975 million, subject to adjustments. The transaction is expected to close during the first half of the 2025 calendar year. AZZ will continue to own a 40% interest in Avail which will consist of its Industrial Lighting and Welding Solutions businesses.

Use of proceeds. AZZ will use its share of the transaction proceeds to further reduce debt or fund potential M&A activity. The gain on the transaction will be treated as a one-time adjustment to net income and EPS. A reduction in the $16 million to $18 million of joint venture equity income included in AZZ’s fiscal year 2026 guidance is expected to be offset by interest savings. While AZZ is not adjusting its fiscal year 2026 earnings guidance, debt reduction will be higher than the range of $140 million to $160 million provided in their guidance.

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Release – The GEO Group Announces Contract Modification for Company-Owned, 1,328-Bed Karnes ICE Processing Center

Posted on March 10, 2025March 10, 2025 by aweinsoff@channelchek.com

Research News and Market Data on GEO

March 10, 2025

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BOCA RATON, Fla.–(BUSINESS WIRE)–Mar. 10, 2025– The GEO Group, Inc. (NYSE: GEO) (“GEO” or the “Company”) announced today that U.S. Immigration and Customs Enforcement (“ICE”) has entered into a contract modification of the current intergovernmental service agreement (“IGSA”) for the GEO-owned, 1,328-bed Karnes ICE Processing Center (the “Center) in Karnes City, Texas to transition the Center from housing adult males only to housing mixed populations. GEO provides support services for ICE at the Center under an IGSA between Karnes County and ICE, that is effective through August 2029. GEO’s support services include the exclusive use of the Center by ICE, along with security, maintenance, and food services, as well as access to recreational amenities, medical care, and legal counsel.

Under the revised IGSA, GEO is expected to generate approximately $79 million in annualized revenues in the first full year of operations, which is expected to represent incremental annualized revenues of approximately $23 million, with margins consistent with GEO’s company-owned Secure Services facilities.

George C. Zoley, Executive Chairman of GEO, said, “Our company-owned Karnes ICE Processing Center has played an important role in helping ICE meeting the diverse policy priorities of four Presidential Administrations. We are proud of our 40-year public-private partnership with the agency, and we stand ready to continue to help the federal government meet its expanded immigration enforcement priorities.”

About The GEO Group

The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO’s diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care®, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO’s worldwide operations include the ownership and/or delivery of support services for 99 facilities totaling approximately 79,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 18,000 employees.

Use of forward-looking statements

This news release may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the cautionary statements and risk factors contained in GEO’s filings with the U.S. Securities and Exchange Commission including its Form 10-K, 10-Q and 8-K reports. All forward-looking statements speak only as of the date of this news release and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements. Readers are strongly encouraged to read the full cautionary statements and risk factors contained in GEO’s filings with the U.S. Securities and Exchange Commission, including those referenced above. GEO disclaims any obligation to update or revise any forward-looking statements, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250307822674/en/

Pablo E. Paez, (866) 301 4436
Executive Vice President, Corporate Relations

Source: The GEO Group, Inc.

Release – CoreCivic Appoints Dawn Smith, Stacey Tank, and Nina Tran to Its Board of Directors

Posted on March 7, 2025March 10, 2025 by aweinsoff@channelchek.com

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March 7, 2025

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BRENTWOOD, Tenn., March 07, 2025 (GLOBE NEWSWIRE) — CoreCivic, Inc. (NYSE: CXW) (CoreCivic or the Company) announced today that, effective March 17, 2025, Dawn Smith, Stacey Tank, and Nina Tran will be appointed as independent members of the Company’s Board of Directors (the Board), expanding the Board from eleven to fourteen directors, thirteen of whom have been determined by the Board to be independent. CoreCivic’s new board members are expected to join various board committees in the future.

Additionally, on March 7, 2025, Robert Dennis notified the Company of his intent not to stand for re-election as a member of the Board at the Company’s 2025 Annual Meeting of Stockholders (the Annual Meeting). The Company previously announced on February 27, 2025, that Anne L. Mariucci also notified the Company of her intent not to stand for re-election as a member of the Board at the Annual Meeting. Ms. Mariucci and Mr. Dennis will serve their remaining terms and will resign from the Board, including from service on the Board’s various committees, at the Annual Meeting. The size of the Board will be reduced to twelve at the Annual Meeting.

“We are excited to have Dawn, Stacey, and Nina join our Board,” said Damon Hininger, CoreCivic’s Chief Executive Officer. “Each brings unique skills and vision to our Board. Dawn has a deep background in corporate law, operational leadership and information technology. Stacey holds executive leadership positions in both commercial and non-profit entities, and has leadership experience at large publicly-traded companies. Nina brings decades of financial and accounting expertise and executive leadership with a focus on real estate.”

“We are also extremely grateful for the valuable contributions and long service of our board members, Anne Mariucci and Bob Dennis, who have been on CoreCivic’s board for 13 years and 12 years, respectively. We believe the Company truly is better for their counsel through many transformational years, and we wish them well.”

S. Dawn Smith, 61, serves as President of Cologix, Inc. (Cologix) since August 2018 and was formerly its President and Chief Operating Officer. At Cologix, she has responsibility for driving all aspects of design, construction, engineering, and operations of the firm’s extensive infrastructure of secure, hyperscale edge data center sites and solutions. Additionally, Ms. Smith is responsible for the IT, legal, HR and procurement functions at Cologix. She previously served as the executive vice president and chief legal officer of McAfee, where she led the legal and government relations organization globally. Prior to McAfee, Ms. Smith was the senior vice president and chief legal officer at VMware. She previously served in legal advisory roles at Wilson Sonsini Goodrich & Rosati and as a partner at Morrison & Foerster LLP, where she practiced for nearly a decade in corporate and securities law, including mergers and acquisitions, public company corporate governance, compliance, and venture capital transactions. Also, Ms. Smith served in the U.S. Navy’s nuclear propulsion program which manages the design, construction, and operation of nuclear-powered ships and facilities. She currently serves on the board of directors of Health Catalyst, Inc. Ms. Smith holds a B.S. from the U.S. Naval Academy, an M.B.A. from Providence College, and a J.D. from Stanford Law School.

Stacey Tank, 43, currently serves as Chief Executive Officer of Bespoke Beauty Brands, a role she has held since September 2023. Additionally, Ms. Tank is a Board Member at Interior Logic Group, Inc., where she serves on the Audit and Compliance committees. Previously, Ms. Tank served as Chief Transformation Officer of the Heineken Company and at The Home Depot, her responsibilities included leading the multi-billion-dollar Home Depot Installation Services and Home Depot Measurement Services businesses. She also served as President of The Home Depot Foundation. Ms. Tank is the Founder and CEO of Our Happy Place, a non-profit focused on childhood mental wellness. Ms. Tank is a fellow at the Aspen Institute and the World Economic Forum and holds a Bachelor of Science in Marketing Management and Television-Radio-Film from Syracuse University.

Nina A. Tran, 56, currently serves as a board member of American Asset Trust, a publicly-traded real estate investment trust (REIT) where she also serves on the Audit and Corporate Governance and Nominations Committee. Ms. Tran also currently serves as a director and is the audit committee chairperson of both Compass Datacenters and Catalyst Impact Fund. Currently, Ms. Tran is an advisor to Roofstock, Inc., a leading proptech platform for single-family rental investors. From March 2021 until December 2022, Ms. Tran served as the chief financial officer for Pacaso, a real estate technology company focused on second home co-ownership. From 2016 to 2021, Ms. Tran was the chief financial officer at Veritas Investments, Inc., an owner and manager of mixed-use real estate properties. From 2013 to 2016, Ms. Tran served as the chief financial officer of Starwood Waypoint Residential Trust, a leading publicly-traded REIT that owns and operates single-family rental homes. Prior to joining Starwood Waypoint, Ms. Tran spent 18 years at Prologis, Inc., the largest publicly-traded global industrial REIT. Ms. Tran served as senior vice president and chief accounting officer, and most recently as chief global process officer, where she helped lead the merger integration between AMB and Prologis. Prior to Prologis, Ms. Tran was a senior associate with PricewaterhouseCoopers. From 2016 to 2024, Ms. Tran served on the board of directors and was the audit committee chairperson of Apartment Income REIT before the company was taken private. Ms. Tran also previously served on the advisory board of the Asian Pacific Fund. Ms. Tran holds a Bachelor of Science degree in Accounting at California State University East Bay.

About CoreCivic

CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believe we are the largest private owner of real estate used by government agencies in the United States. We have been a flexible and dependable partner for government for more than 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.

Contact:	Investors: Michael Grant – Managing Director, Investor Relations – (615) 263-6957
	Media: Steve Owen – Vice President, Communications – (615) 263-3107

NN, Inc. (NNBR) – Transformation Taking Effect

Posted on March 7, 2025March 7, 2025 by cpereira@noblefcm.com

Friday, March 07, 2025

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Remain on Track. The first full year of NN’s transformation produced significant results, although the improvements were somewhat obscured in the GAAP reported results. With the successful change in the business trajectory, NN remains on track to achieve its 2028 financial goals of $650 million of net sales, with an adjusted EBITDA margin in the 12-13% range.

More Transformation in 2025. Management is not resting on its laurels. 2025 will continue the transformation plan with specific emphasis on improving or eliminating underperforming business, additional costs out, new business wins, and balance sheet improvement through a debt refinance.

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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

Seanergy Maritime Holdings (SHIP) – Record Profitability in 2024; Updating 2025 Estimates

Posted on March 7, 2025March 7, 2025 by cpereira@noblefcm.com

Friday, March 07, 2025

Seanergy Maritime Holdings Corp. is a prominent pure-play Capesize shipping company listed in the U.S. capital markets. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company’s operating fleet consists of 18 vessels (1 Newcastlemax and 17 Capesize) with an average age of approximately 13.4 years and an aggregate cargo carrying capacity of approximately 3,236,212 dwt. Upon completion of the delivery of the previously announced Capesize vessel acquisition, the Company’s operating fleet will consist of 19 vessels (1 Newcastlemax and 18 Capesize) with an aggregate cargo carrying capacity of approximately 3,417,608 dwt. The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP”.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Fourth quarter financial results. Seanergy Maritime reported fourth quarter adjusted EBITDA and earnings per share (EPS) of $20.4 million and $0.34, respectively, exceeding our estimates of $19.3 million and $0.27. Revenue was modestly above our estimate due to better-than-expected available operating days, while expenses were marginally lower-than-expected, driven by operational efficiencies for voyage and vessel expenses. Operating income was $10.7 million compared to our estimate of $10.1 million.

2025 market outlook. Capesize rates fell in early 2025 due to an increase in the effective supply of vessels caused by low congestion in ports and smaller vessels taking on cargo typically reserved for the Capesize fleet. However, Capesize market rates have since rebounded and are expected to stay relatively steady throughout 2025. Limited new vessel orders and deliveries, increasing environmental regulations, and rising iron ore and bauxite exports are supporting Cape vessel rates amid a broader downturn in the dry-bulk market.

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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

Release – Euroseas Ltd. Announces Dates for Effectiveness of the Registration Statement and Approval for Listing on the NASDAQ Capital Market of its Spin-Off, Euroholdings Ltd.Release –

Posted on March 6, 2025March 6, 2025 by aweinsoff@channelchek.com

Research News and Market Data on ESEA

March 06, 2025 08:30 ET

ATHENS, Greece, March 06, 2025 (GLOBE NEWSWIRE) — Euroseas Ltd. (NASDAQ: ESEA, the “Company” or “Euroseas”), an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced today that it has requested that the registration statement on Form 20-F of Euroholdings Ltd. (“Euroholdings”) be declared effective by the Securities and Exchange Commission on or around March 6, 2025. The Company also announced that the application of Euroholdings Ltd. for listing on the NASDAQ Capital Market under the symbol “EHLD” has been approved, subject to notice of issuance.

Currently, Euroholdings Ltd. is a wholly owned subsidiary of the Company. Shares of Euroholdings Ltd. will be distributed on or around March 17, 2025 (the “Distribution Date”) to shareholders of record of the Company as of March 7, 2025 (the “Record Date”). The Company’s shareholders will receive one share of common stock of Euroholdings Ltd. for every two and a half shares of common stock of the Company they own as of the Record Date. Fractional shares of common stock will not be distributed. Instead, the distribution agent will aggregate fractional shares of common stock into whole shares, sell such whole shares in the open market at prevailing rates promptly after our shares of common stock commence trading on the Nasdaq Capital Market, and distribute the net cash proceeds from the sales pro rata to each holder who would otherwise have been entitled to receive fractional shares of common stock in the distribution.

After the spin-off, the Company will continue owning and operating its fleet of 22-feder and intermediate-size container carrier vessels, while Euroholdings Ltd. will independently own and operate its fleet of two vessels.

Shares of Euroseas common stock will continue to trade “regular-way” on NASDAQ under the symbol “ESEA” through and after the March 17, 2025 Distribution Date. Any holder of shares of Euroseas common stock who sells Euroseas shares “regular way” through the close of trading on the March 17, 2025 Distribution Date will also be selling their right to receive shares of Euroholdings common stock in the distribution.

It is anticipated that Euroseas shares will also trade “ex-distribution” (that is, without the right to receive shares of Euroholdings common stock in the distribution) beginning on or about March 7, 2025, and continuing through the close of trading on March 17, 2025, under the symbol “ESEAV”. Beginning on March 18, 2025, “regular-way” trading in Euroseas stock will reflect the distribution of Euroholdings Ltd.

A “when-issued” public trading market for Euroholdings Ltd.’s common stock is expected to begin on or about March 7, 2025 on NASDAQ under the symbol “EHLDV” and continue through the close of trading on March 17, 2025. Beginning on March 18, 2025, “when-issued” trading under the symbol “EHLDV” will end and Euroholdings Ltd. will begin “regular-way” trading on NASDAQ under the symbol “EHLD”. Investors are encouraged to consult with their financial advisors regarding the specific implications of buying or selling Euroseas common stock on or before the Distribution Date.

Aristides Pittas, Chairman and CEO of Euroseas, commented: “We are excited with the spin-off and separate listing of our elder vessels into a separate publicly listed company, Euroholdings Ltd. This spin-off will allow both companies to pursue different investment strategies and different distributions to their shareholders. Management of each company will be able to set the appropriate performance indicators for its respective strategy and more effectively communicate it to investors and the financial community. We plan to take advantage of growth opportunities to increase the size of each company as we believe that they are both well positioned to do so both in terms of their capital structure and their contract mix.

“Specifically, Euroseas will continue focusing on operating container vessels with a lower environmental footprint by owning – on average – younger vessels, keep investing in retrofits of certain of its existing vessels to improve their efficiency and continuing its newbuilding program of modern, fuel-efficient containerships.

“Euroholdings will focus on managing elder vessels, likely, operating them to the end of their economic lives. It will also have the opportunity to explore investments in vessels in other sectors as well as other maritime opportunities. We expect for each of Euroseas and Euroholdings to be valued better separately than if they continue to operate together by offering more options to shareholders.”

Fleet Profile:

After the spin-off of Euroholdings Ltd., the Euroseas Ltd. fleet profile is as follows:

Name	Type	Dwt	TEU	Year Built	*Employment()**	TCE Rate ($/day)
Container Carriers
MARCOS V(*)	Intermediate	72,968	6,350	2005	TC until Aug-25	$15,000
SYNERGY BUSAN (*)	Intermediate	50,726	4,253	2009	TC until Dec-27	$35,500
SYNERGY ANTWERP (+)(*)	Intermediate	50,726	4,253	2008	TC until May-25 then until May-28	$26,500 $35,500
SYNERGY OAKLAND (*)	Intermediate	50,787	4,253	2009	TC until May-26	$42,000
SYNERGY KEELUNG (+)(*)	Intermediate	50,969	4,253	2009	TC until Jun-25 TC until Jun-28	$23,000 $35,500
EMMANUEL P(*)	Intermediate	50,796	4,250	2005	TC until Apr-25	$21,000
RENA P(*)	Intermediate	50,796	4,250	2007	TC until Apr-25	$21,000
EM KEA (*)	Feeder	42,165	3,100	2007	TC until May-26	$19,000
GREGOS (*)	Feeder	37,237	2,800	2023	TC until Apr-26	$48,000
TERATAKI(*)	Feeder	37,237	2,800	2023	TC until Jul-26	$48,000
TENDER SOUL (*)	Feeder	37,237	2,800	2024	TC until Oct-27	$32,000
LEONIDAS Z (*)	Feeder	37,237	2,800	2024	TC until Mar-26	$20,000
DEAR PANEL (*)	Feeder	37,237	2,800	2025	TC until Nov-27	$32,000
SYMEON P (*)	Feeder	37,237	2,800	2025	TC until Nov-27	$32,000
EVRIDIKI G (*)	Feeder	34,677	2,556	2001	TC until Apr-26	$29,500
EM CORFU (*)	Feeder	34,654	2,556	2001	TC until Aug-26	$28,000
PEPI STAR (*)	Feeder	22,262	1,800	2024	TC until Jun-26	$24,250
MONICA (*)	Feeder	22,262	1,800	2024	TC until May-25	$16,000
STEPHANIA K (*)	Feeder	22,262	1,800	2024	TC until May-26	$22,000
EM SPETSES (*)	Feeder	23,224	1,740	2007	TC until Feb-26	$18,100
JONATHAN P (*)	Feeder	23,351	1,740	2006	TC until Sep-25	$20,000
EM HYDRA (*)	Feeder	23,351	1,740	2005	TC until Mar-25	$13,000
Total Container Carriers	22	849,398	67,494

Vessels under construction	Type	Dwt	TEU	To be delivered
ELENA (H1711)	Intermediate	55,200	4,300	Q4 2027
NIKITAS G (H1712)	Intermediate	55,200	4,300	Q4 2027
Total under construction	2	110,400	8,600

Notes:
(*) TC denotes time charter. Charter duration indicates the earliest redelivery date; all dates listed are the earliest redelivery dates under each TC unless the contract rate is lower than the current market rate in which cases the latest redelivery date is assumed; vessels with the latest redelivery date shown are marked by (+).

The Euroholdings Ltd. fleet profile is as follows:

Name	Type	Dwt	TEU	Year Built	*Employment()**	TCE Rate ($/day)
Container Carriers
JOANNA(**)	Feeder	22,301	1,732	1999	TC until Mar-26, then until Sep-26, then until Nov-26	$19,000 $9,500 $16,500
AEGEAN EXPRESS	Feeder	18,581	1,439	1997	TC until Oct-25	$16,700
Total Container Carriers	2	40,882	3,171

Notes:
(*) TC denotes time charter. Charter duration indicates the earliest redelivery date.
(**) Period to Nov-2026 is at the option of the charterer.

About Euroseas Ltd.

Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 140 years. Euroseas trades on the NASDAQ Capital Market under the ticker ESEA.

Euroseas operates in the container shipping market. Euroseas’ operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.

Following the completion of the spin-off of three of the Company’s subsidiaries into Euroholdings Ltd., Euroseas will have a fleet of 22 vessels, including 15 Feeder containerships and 7 Intermediate containerships. Euroseas 22 containerships will have a cargo capacity of 67,494 teu. After the delivery of the two intermediate containership newbuildings in 2027, Euroseas’ fleet will consist of 24 vessels with a total carrying capacity of 76,094 teu.

Forward Looking Statement

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company’s growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as “expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates,” and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for containerships, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Visit our website www.euroseas.gr

Company Contact	Investor Relations / Financial Media
Tasos Aslidis Chief Financial Officer Euroseas Ltd. 11 Canterbury Lane, Watchung, NJ 07069 Tel. (908) 301-9091 E-mail: aha@euroseas.gr	Nicolas Bornozis Markella Kara Capital Link, Inc. 230 Park Avenue, Suite 1540 New York, NY 10169 Tel. (212) 661-7566 E-mail: euroseas@capitallink.com

NN, Inc. (NNBR) – A Look into the Fourth Quarter

Posted on March 6, 2025March 6, 2025 by cpereira@noblefcm.com

Thursday, March 06, 2025

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Year of Transformation. Management highlighted its first full year of transformation, as the Company upgraded leadership positions and added to its Stamped Products, Electrical, and Medical teams. They also secured new business to offset rationalized business and create a path to y-o-y growth, increased gross margins, and decreased leverage to name a few actions. Lastly, the underperforming plants are expected to generate positive EBITDA in the new year compared to a negative $11.5 million last year.

New Business Wins. The Company had $73 million of new business wins for the fiscal year, surpassing the previous year of $63 million. As for 2025, the Company has $13 million in new wins year-to-date and remains on pace towards its guidance of $60-$70 million in new wins for the year. These wins are expected to soon ramp into Company sales as well, with roughly $21 million of new business expected to launch in Q1 2025 across multiple plants and countries.

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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

CoreCivic, Inc. (CXW) – South Texas to Resume Operations

Posted on March 6, 2025March 6, 2025 by cpereira@noblefcm.com

Thursday, March 06, 2025

CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believe we are the largest private owner of real estate used by government agencies in the United States. We have been a flexible and dependable partner for government for nearly 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

South Texas to Resume. Yesterday, CoreCivic announced a new intergovernmental agreement to resume operations at the 2,400-bed South Texas Family Residential Center in Dilley, Texas, for ICE. CoreCivic has entered into a new lease agreement with Target Hospitality, the owner of the facility, over period concurrent with the ICE agreement. We view this a further confirmation of the Federal government’s need for additional bed capacity in the drive to deport undocumented migrants.

Details. The amended IGSA expires in March 2030 and may be further extended through bilateral modification. The agreement provides for a fixed monthly payment in accordance with a graduated schedule to correlate with the activation of each neighborhood within the facility. Once fully activated, total annual revenue is expected to be approximately $180 million, including medical services. With the Company having already started pre-activation activities earlier this year, we expect this award to be accretive to earnings beginning in the second quarter of 2025.

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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

AZZ Inc. (AZZ) – Updating Estimates; Raising PT

Posted on March 6, 2025March 6, 2025 by cpereira@noblefcm.com

Thursday, March 06, 2025

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

A market leader with a strong growth profile. AZZ is the leading independent provider of hot dip galvanizing and coil coating solutions to a broad range of end markets. We expect AZZ Precoat Metals’ new manufacturing facility in Washington, Missouri to contribute to top-line growth in fiscal year 2026 while capital expenditures decline. Approximately 75% of the facility’s production is already committed and could generate $50 million to $60 million in revenue on an annualized basis once production is fully ramped.

Fiscal 2026 corporate guidance. In early February, AZZ Inc. released financial guidance for fiscal year 2026 and expects sales in the range of $1.625 billion to $1.725 billion, adjusted EBITDA in the range of $360 million to $400 million, and adjusted diluted EPS of $5.50 to $6.10. Fiscal year 2026 guidance included an increase in the Metal Coatings EBITDA margin expectations to a range of 27% to 32% from 25% to 30%, while Precoat Metals EBITDA margin expectations are unchanged at 17% to 22%.

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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

Release – NN, Inc. Reports Fourth Quarter and Full Year 2024 Results

Posted on March 5, 2025March 6, 2025 by aweinsoff@channelchek.com

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NN delivers performance as expected in first full year of transformation

NN is accelerating and further refining transformation plans in 2025

CHARLOTTE, N.C., March 05, 2025 (GLOBE NEWSWIRE) — NN, Inc. (NASDAQ: NNBR) (“NN” or the “Company”), a global diversified industrial company that engineers and manufactures high-precision components and assemblies, today reported its financial results for the fourth quarter and full-year ended December 31, 2024. Key results for the quarter and full-year ended 2024 include (compared with the fourth quarter and full-year of 2023):

Net sales of $106.5 million and $464.3 million, decreased by 5.3% and 5.1%, respectively.
Pro forma net sales, adjusted for sale of Lubbock, rationalized business, and other pro forma adjustments, increased by 2.0% and declined by 0.2%, respectively.
GAAP earnings per share of $(0.51) and $(1.11), respectively.
Adjusted earnings per share of $(0.02) and $(0.17), respectively.
Adjusted EBITDA of $12.1 million and $48.3 million, an increase of $2.1 million and $5.2 million, respectively.
NN’s first full year of transformation plan was a success – upgraded its leadership team, rationalized money-losing legacy business, secured new program awards to offset rationalized business and create a path to year-over-year growth, increased gross profit margins, decreased borrowing rates, and decreased leverage.
$73 million of new business wins in 2024, topping the previous record of $63 million in 2023.
- NN is tracking on pace with its 5-year sales growth and diversification goals and has delivered a 2-year new business wins total of $136 million. The Company has won $13 million in new wins in 2025 YTD and remains on pace with its business development efforts.
- The Company is on pace to achieve its organic growth goal of reaching $600 million in sales.
- New wins have begun launching and ramping into the Company’s sales run-rates with over 70 programs scheduled for start-of-production during 2025; approximately $21 million of new business is being launched in Q1 2025 across multiple plants and countries.
NN’s China operations sales growth continues at a measured pace, up by 15.6% and 20.6%, versus the prior year fourth quarter and full-year, respectively. NN’s China operations continue to fund their own growth through local cash flow generation.
NN’s Term Loan refinancing process continues, and the transaction will enable the Company to continue its 5-year transformation plans.

“We are pleased overall with the results of our first full year of our transformation plan, during which we made immediate and significant progress.” said Harold Bevis, President and Chief Executive Officer of NN, Inc. “We also gained the confidence to accelerate our pace. A few highlights are as follows:

Upgraded a significant number of leadership positions, including upgrades across our C-suite, and among our operational leaders, commercial leaders, and finance team. NN is adding to and creating the most competitive engineering and business development team in the history of the Company, adding to our Stamped Products, Electrical, and Medical teams.
In 2025, we are launching the highest number of new products in recent history. By being careful and selective, we have been able to keep our cash capex spending to normal levels by leveraging our $340 million installed base of machinery and equipment and $56 million of land and buildings.
We have significantly improved the underperforming performance at the ‘Group of 7’ plants that had previously generated $112.6 million of net sales and negative $11.5 million of adjusted EBITDA in 2023; we have fixed four plants and we are closing three. In 2025, we expect this same set of plants to generate $5 million of adjusted EBITDA.
Growth of the US electrical grid power business is expected to continue in 2025 as electrical demand increases due to data centers, electric, and hybrid vehicles.”

Mr. Bevis concluded, “Looking ahead to 2025, as we continue along our transformation path, we are focused on creating a refreshed and extended balance sheet, stronger free cash flow, a powerful new business acquisition program, and a further strengthening of our management team. I would like to thank the NN team and our partners who are working together to create sustainable value.”

Fourth Quarter Results

Net sales were $106.5 million, a decrease of 5.3% compared to the fourth quarter of 2023 net sales of $112.5 million, which was primarily due to the sale of our Lubbock operations, lower volumes, and unfavorable foreign exchange effects of $1.6 million. As a result, on a pro forma basis, sales increased 2% over the same period of prior year.

Loss from operations was $16.9 million compared to a loss from operations of $7.9 million in the fourth quarter of 2023. The increased loss from operations was primarily due to lower sales volume.

Income from operations for Power Solutions was $1.3 million compared to income from operations of $2.8 million for the same period in 2023. Loss from operations for Mobile Solutions was $12.9 million compared to loss from operations of $5.7 million for the same period in 2023.

Net loss was $21.0 million compared to net loss of $20.5 million for the same period in 2023.

Full-Year Results

Net sales decreased by $25.0 million, or 5.1%, during the year ended December 31, 2024, compared to the year ended December 31, 2023, primarily due to the sale of our Lubbock operations, customer settlements received in 2023, rationalized volume at plants undergoing turnarounds and unfavorable foreign exchange effects of $3.5 million. These decreases were partially offset by the net impact of contractual pass-through material pricing provisions. As a result, on a pro forma basis, sales decreased 0.2%.

Loss from operations was $27.5 million in the year ended December 31, 2024 compared to a loss from operations of $21.8 million in the year ended December 31, 2023, primarily due to lower revenue, the impairment of machinery and equipment at a plant that will close in 2025, higher travel, stock compensation and severance expense, partially offset by lower salaries due to a reduction in headcount.

Net loss was $38.3 million compared to net loss of $50.2 million for the same period in 2023. The improvement is primarily due to the $7.2 million gain on sale of the Lubbock operations and a decrease in noncash derivative mark-to-market losses, as well as increased share of net income from joint venture.

Fourth Quarter Adjusted Results

Adjusted income from operations for the fourth quarter of 2024 was $2.4 million compared to adjusted loss from operations of $1.4 million for the same period in 2023. Adjusted EBITDA was $12.1 million, or 11.3% of sales, compared to $10.0 million, or 8.9% of sales, for the same period in 2023.

Adjusted net loss was $0.9 million, or $0.02 per diluted share, compared to adjusted net loss of $4.9 million, or $0.10 per diluted share, for the same period in 2023. Free cash flow was a generation of cash of $3.8 million compared to a generation of cash of $1.3 million for the same period in 2023.

Power Solutions
Net sales for the fourth quarter of 2024 were $39.2 million compared to $43.3 million in the same period in 2023. The decrease is primarily due to lower volumes, including from the sale of the Lubbock operations, offset partially by pricing.

Net sales decreased by $5.4 million, or 2.9%, during the year ended December 31, 2024, compared to the year ended December 31, 2023, primarily due to the sale of our Lubbock operations, premium pricing received on a certain customer project during the first quarter of 2023, and unfavorable foreign exchange effects of $0.2 million. These decreases were partially offset by higher precious metals pass-through pricing.

Adjusted income from operations was $4.6 million compared to adjusted income from operations of $5.8 million in the fourth quarter of 2023. The decrease in adjusted income from operations was primarily due to the lower revenue, including from the sale of the Lubbock operations, partially offset by cost reduction initiatives.

Income from operations increased by $2.0 million during the year ended December 31, 2024 compared to the same period in the prior year, primarily due to an increase in sublease income earned on closed facilities and lower depreciation and amortization expense due to sold or fully utilized assets.

Mobile Solutions

Net sales for the fourth quarter of 2024 were $67.4 million compared to $69.2 million in the fourth quarter of 2023, a decrease of 2.7%. The decrease in sales was primarily due to rationalized volume at plants undergoing turnarounds, contractual reduction in customer pass-through material pricing, and unfavorable foreign exchange effects of $1.6 million.

Net sales decreased by $19.4 million, or 6.4%, during the year ended December 31, 2024, compared to the year ended December 31, 2023, primarily due rationalized volume at plants undergoing turnarounds, contractual reduction in customer pass-through material pricing, a customer settlement received in 2023 and unfavorable foreign exchange effects of $3.3 million.

Adjusted income from operations was $2.5 million compared to adjusted loss from operations of $2.3 million in the fourth quarter of 2023. The increase in adjustment income from operations was primarily due to the rationalization of underperforming business.

Loss from operations changed unfavorably by $6.3 million during the year ended December 31, 2024, compared to the prior year, primarily due to the impairment of machinery and equipment at a plant that will close in 2025. The change was also impacted by higher depreciation expense and selling, general and administrative costs.

2025 Outlook

Guidance assumes a similar FX, trade policy, and metal industry environment as in 2024.

Revenues should be between $450 to $480 million, depending on FX and tariff impacts

At midpoint, slight growth over 2024 on a proforma basis
Core performance metrics normalized for sale of Lubbock and rationalized business during 2024

Adjusted EBITDA should be between $53 and $63 million, depending on FX and tariff impacts

At midpoint, up ~15% over 2024 on a proforma basis
Core performance metrics normalized for sale of Lubbock and rationalized business during 2024

New business wins between $60 to $70 million

Targeting larger amounts from stamped products, electrical products and medical products
China will fund its own new wins program
Continue to leverage $340 million of machinery and equipment to minimize cash capex spend

Chris Bohnert, Senior Vice President and Chief Financial Officer, commented, “The key end markets NN serves remain solid on balance, subject to potential impacts of foreign exchange rate fluctuations, volume uncertainty and tariff impacts. These uncertainties are initially moving us to the low half of the Revenue and adjusted EBITDA ranges for the full-year. We expect our profitability results to be supported by stronger margins as a result of cost-out actions and operational efficiencies, as well as the launching of new business wins. Our adjusted EBITDA forecast calls for solid year-over-year improvement driven by a combination of a stronger gross margin profile, and the benefit of our consistent actions to improve our fixed and variable cost structure.”

Mr. Bohnert concluded, “The refinancing of our Term Loan is in process and our focus remains on improving our financial flexibility and supporting our profitable growth strategy. While this process is influenced by NN’s positively evolving growth capital and capacity expansion needs, as well as the Company’s changing cost structure, we expect this process to conclude in the first half of the year, which will provide us the runway needed to continue our multi-year transformation.”

Conference Call

NN will discuss its results during its quarterly investor conference call on March 6, 2024, at 9 a.m. ET. The call and supplemental presentation may be accessed via NN’s website, www.nninc.com. The conference call can also be accessed by dialing 1-877-255-4315 or 1-412-317-6579. For those who are unavailable to listen to the live broadcast, a replay will be available shortly after the call until March 6, 2026.

NN discloses in this press release the non-GAAP financial measures of adjusted income (loss) from operations, adjusted EBITDA, adjusted net income (loss), adjusted net income (loss) per diluted common share, and free cash flow. Each of these non-GAAP financial measures provides supplementary information about the impacts of restructuring and integration expense, acquisition and transition expenses, foreign exchange impacts on inter-company loans, amortization of intangibles and deferred financing costs, and other non-operating impacts on our business.

The financial tables found later in this press release include a reconciliation of adjusted income (loss) from operations, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted net income (loss), adjusted net income (loss) per diluted share, free cash flow to the U.S. GAAP financial measures of income (loss) from operations, net income (loss), net income (loss) per diluted common share, and cash provided (used) by operating activities.

About NN, Inc.

NN, Inc., a global diversified industrial company, combines advanced engineering and production capabilities with in-depth materials science expertise to design and manufacture high-precision components and assemblies for a variety of markets on a global basis. Headquartered in Charlotte, North Carolina, NN has facilities in North America, Europe, South America, and Asia. For more information about the company and its products, please visit www.nninc.com.

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 statements may discuss goals, intentions and expectations as to future trends, plans, events, results of operations or financial condition, or state other information relating to NN, Inc. (the “Company”) based on current beliefs of management as well as assumptions made by, and information currently available to, management. Forward-looking statements generally will be accompanied by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “guidance,” “intend,” “may,” “possible,” “potential,” “predict,” “project”, “achieve”, “growth”, “enable”, “improve”, or other similar words, phrases or expressions. Forward-looking statements involve a number of risks and uncertainties that are outside of management’s control and that may cause actual results to be materially different from such forward-looking statements. Such factors include, among others, general economic conditions and economic conditions in the industrial sector; the impacts of pandemics, epidemics, disease outbreaks and other public health crises on our financial condition, business operations and liquidity; competitive influences; risks that current customers will commence or increase captive production; risks of capacity underutilization; quality issues; material changes in the costs and availability of raw materials; economic, social, political and geopolitical instability, military conflict, currency fluctuation, and other risks of doing business outside of the United States; inflationary pressures and changes in the cost or availability of materials, supply chain shortages and disruptions, the availability of labor and labor disruptions along the supply chain; our dependence on certain major customers, some of whom are not parties to long-term agreements (and/or are terminable on short notice); the impact of acquisitions and divestitures, as well as expansion of end markets and product offerings; our ability to hire or retain key personnel; the level of our indebtedness; the restrictions contained in our debt agreements; our ability to obtain financing at favorable rates, if at all, and to refinance existing debt as it matures; our ability to secure, maintain or enforce patents or other appropriate protections for our intellectual property; new laws and governmental regulations; the impact of climate change on our operations; uncertainty of government policies and actions after recent U.S. elections in respect to global trade, tariffs and international trade agreements; and cyber liability or potential liability for breaches of our or our service providers’ information technology systems or business operations disruptions. The foregoing factors should not be construed as exhaustive and should be read in conjunction with the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the Company’s filings made with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date of this press release, and the Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the Company. The Company qualifies all forward-looking statements by these cautionary statements.

With respect to any non-GAAP financial measures included in the following document, the accompanying information required by SEC Regulation G can be found in the back of this document or in the “Investors” section of the Company’s web site, www.nninc.com, under the heading “News & Events” and subheading “Presentations.”

Investor & Media Contacts:
Joe Caminiti or Stephen Poe
NNBR@alpha-ir.com
312-445-2870

View Full Release Here.

Release – CoreCivic Announces Resumption of Operations at South Texas Family Residential Center in Dilley, Texas

Posted on March 5, 2025March 6, 2025 by aweinsoff@channelchek.com

Research News and Market Data on CXW

March 5, 2025

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BRENTWOOD, Tenn., March 05, 2025 (GLOBE NEWSWIRE) — CoreCivic, Inc. (NYSE: CXW) (“CoreCivic”) announced today that it has agreed under an amended intergovernmental services agreement (IGSA) between the City of Dilley, Texas, and U.S. Immigration and Customs Enforcement (ICE) to resume operations and care for up to 2,400 individuals at the South Texas Family Residential Center in Dilley, Texas (the Dilley Facility). Simultaneously, CoreCivic has entered into a new lease agreement with Target Hospitality Corporation (Target), the owner of the facility, over a period co-terminus with the ICE agreement.

The Dilley Facility was purpose-built for ICE in 2014 to provide an appropriate setting for a family population. CoreCivic managed the Dilley Facility from its construction in 2014 through August 2024, when funding for the contract with ICE was terminated and the facility was idled. CoreCivic will again be responsible for providing residential services in an open and safe environment that offers residents indoor and outdoor recreational activities, life skills, counseling, group interaction, and access to religious and legal services. In addition, CoreCivic will assume the additional responsibility of onsite medical care. Food services will be provided by Target.

The amended IGSA expires in March 2030 and may be further extended through bilateral modification. The agreement provides for a fixed monthly payment in accordance with a graduated schedule to correlate with the activation of each neighborhood within the facility. Total annual revenue once fully activated is expected to be approximately $180 million, inclusive of medical services. We began pre-activation activities earlier this year and expect this award to be accretive to earnings beginning in the second quarter of 2025.

Damon T. Hininger, CoreCivic’s Chief Executive Officer, commented, “With this award and the additional capacity provided to ICE through four contract modifications we announced last week, we are grateful for the trust our government partner has placed in us. We have an extensive supply of available beds, either owned directly or provided by third parties like Target, that provides our government partners the flexibility to satisfy their immediate and long-term needs in a cost-effective manner. We are entering a period when our government partners — particularly our federal government partners — are expected to have increased demand. We anticipate continued robust contracting activity throughout 2025 that will help meet their growing needs.”

Patrick Swindle, CoreCivic’s President and Chief Operating Officer stated, “We are offering our staff the opportunity to transfer to the Dilley Facility and expect many who accept transfer opportunities will be professionals who previously provided services at the facility prior to its closure last year, expediting the activation process. We are also pleased to again work with Target, which has been a fantastic partner since our relationship began in 2014.”

About CoreCivic

Cautionary Note Regarding Forward-Looking Statements

This press release includes statements as to our beliefs and expectations of the outcome of future events that are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements may include such words as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “likely,” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. Such forward-looking statements may be affected by risks and uncertainties in CoreCivic’s business and market conditions. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. Important factors that could cause actual results to differ are described in the filings made from time to time by CoreCivic with the Securities and Exchange Commission (“SEC”) and include the risk factors described in CoreCivic’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 21, 2025. Except as required by applicable law, CoreCivic undertakes no obligation to update forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.

Contact:

Investors: Michael Grant – Managing Director, Investor Relations – (615) 263-6957
Media: Steve Owen – Vice President, Communications – (615) 263-3107