NN Inc. Q1 net loss widens to $10.2M; FY 2023 guidance cut

NN INC

2023-Q1 EPS reported -$0.29 revenue$127,088,000

Net sales $127.1M, down 0.8% YoY; net loss $10.2M vs $3.3M loss in Q1 2022.
Adjusted EBITDA $8.1M (6.4% of sales) down from $13.4M (10.5%).
Adjusted EPS -$0.12 vs -$0.00; free cash flow use improved to $3.7M from $9.4M.
Revised FY 2023 outlook: revenue $515-$545M, Adj. EBITDA $47-$57M, FCF $7-$17M.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

NN INC reported first quarter ended March 31, 2023 results: revenue $127.1 million, net income $10.2 million. Guidance lowered.

Period: first quarter ended March 31, 2023
Revenue: $127.1 million
Net income: $10.2 million
Guidance: lowered
Result: reported results

Exact text from the filing

our cost structure through a 10% global reduction of indirect labor that will begin to benefit our results in the second quarter.” First Quarter GAAP Results Net sales were $127.1 million, a decrease of 0.8% from the first quarter of 2022, primarily due to reduced volume and unfavorable foreign exchange impacts, partially offset by ongoing pricing actions. Loss

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Source: SEC EDGAR

accession 0000918541-23-000079

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