NN: 2Q Earnings Snapshot
JOHNSON CITY, Tenn. (AP) _ NN Inc. (NNBR) on Wednesday reported a loss of $24.5 million in its second quarter.
On a per-share basis, the Johnson City, Tennessee-based company said it had a loss of 89 cents. Earnings, adjusted for costs related to mergers and acquisitions and non-recurring costs, came to 38 cents per share.
The results met Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was also for earnings of 38 cents per share.
The industrial parts maker posted revenue of $196.3 million in the period, falling short of Street forecasts. Three analysts surveyed by Zacks expected $197.9 million.
NN shares have dropped 23 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $21.30, a decrease of 19 percent in the last 12 months.