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NN Stock Soars On Upbeat Outlook For Full Year

JOHNSON CITY, Tenn. (AP) â¿¿ Shares of NN Inc. surged nearly 27 percent Monday after the manufacturer of industrial plastic, rubber and metal components posted higher earnings and said full-year results should improve as well.

The company, based in Johnson City, Tenn., had a major upswing in profitability at its Whirlaway business and solid operating performance at its components units in predicting stronger full-year profit margins and income. NN is also adding more capacity at its China operations, which has resulted in more business for the company.

Net income for the January-through-March period was $5.9 million, or 35 cents per share, up 7 percent from $5.5 million, or 33 cents per share, for the same period in 2011. Adjusted earnings were 39 cents per share, excluding one-time items.

Revenue was $104.5 million, down 6 percent from $111.3 million.

CEO Roderick Baty said the Whirlaway unit and the precision metal components business delivered $1.6 million in net income, a $3.8 million rise in profitability from a year ago. He said revenue was down because of weaker demand in Europe.

NN shares jumped by $2, or 26.9 percent, to $9.45 in afternoon trading.
Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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