This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Tax Benefit Lifts NN 4Q Profit But Sales Slump

JOHNSON CITY, Tenn. (AP) â¿¿ A tax benefit helped lift NN Inc. fourth-quarter profit 67 percent, but the industrial parts maker said that weak demand from auto customers in Europe and Asia dented its sales. It doesn't expect any improvement in its European business this year.

The Johnson City, Tenn.-based company said Monday that profit came to $8.2 million, or 48 cents per share, in the October-December quarter, up from $4.9 million, or 29 cents per share, in the same period the year before.

The most recent quarter included a $7.3 million gain from a tax benefit, and interest expense also fell by more than half.

Excluding one-time items, quarterly profit fell to 16 cents per share from 21 cents per share the year before.

Revenue fell 17 percent to $80.2 million from $96.3 million. The company said the drop in demand for its products deepened during the fourth quarter.

For all of 2012, profit grew 16 percent to $24.3 million, or $1.42 per share, while revenue fell 13 percent to $370.1 million.

NN said it expects 2013 revenue of $365 million to $375 million. The guidance assumes no improvement in European demand during the year. The company said that while continued economic uncertainty makes it hard to predict sales for 2013, first-quarter demand so far has been higher than expected.

Europe is struggling with high unemployment and a debt crisis in several countries.

Shares dropped 26 cents, or 2.8 percent, to $9.11 in Monday morning trading.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,778.15 +421.28 2.43%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs