NN Reports Strong 2010 4Q and Full Year Results (NNBR)

NN NNBR today reported its financial results for the fourth quarter and year ended December 31, 2010. Net sales for the fourth quarter were $96.3 million, up $18.1 million or 23.1% from $78.3 million for the comparable period of 2009. Approximately $19.3 million of this growth was due to increased sales volumes associated with recovering global demand for the Company's products, particularly in the automotive and industrial end markets. Raw material pass-through and price increases accounted for $1.8 million of the increase while favorable mix accounted for $1.4 million. These increases were partially offset by negative foreign currency translation of $4.4 million.

Net income for the fourth quarter of 2010 of $2.1 million, or $0.12 per diluted share, included $3.0 million, net of tax of non-operating costs which is comprised of $2.0 million in start-up costs associated with new programs in our Precision Metal Components segment and $1.1 million in plant closing, restructuring and impairment charges. Net income from normal operations in the fourth quarter of 2010 was $5.1 million, or $0.30 per diluted share compared to net loss from normal operations of $1.9 million, or $(0.12) per diluted share for the same period in 2009.