Friday, August 09, 2024
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.
2Q24. Net sales totaled $123 million, down 1.8% y-o-y. We were at $118 million. Adjusted EBITDA was $13.4 million, up from $10.5 million last year and above our $12.2 million estimate. The second quarter was the fourth consecutive quarter of improved y-o-y performance. NN reported an adjusted net loss of $0.02/sh, compared to an adjusted net loss of $0.08/sh in 2Q23. We were at an adjusted loss of $0.05/sh.
Transformation Program. NN is seeing the benefits of its transformation initiatives, which are yielding observable momentum across key focus areas of profitability enhancement, operational performance, and accelerated new business wins. Notably, on a trailing-twelve-month basis, NN has delivered adjusted EBITDA of $49.2 million, an improvement of 28.7% y-o-y.
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