NN: 3Q Earnings Snapshot
CHARLOTTE, N.C. (AP) _ NN Inc. (NNBR) on Wednesday reported a third-quarter loss of $13.8 million, after reporting a profit in the same period a year earlier.
The Charlotte, North Carolina-based company said it had a loss of 48 cents per share. Earnings, adjusted for one-time gains and costs, came to 30 cents per share.
The results did not meet Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 36 cents per share.
The industrial parts maker posted revenue of $205.7 million in the period, which also did not meet Street forecasts. Five analysts surveyed by Zacks expected $210.3 million.
NN shares have dropped 55 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $12.30, a decrease of 54 percent in the last 12 months.