NN sales decline
Bearings manufacturer NN Inc. reported net sales for the fourth quarter of 2012 were $80.2 million, a decrease of 16.8%.
Approximately $14.9 million of the decrease was due primarily to lower demand for the company's products in European and Asian automotive end markets.
Net income for the quarter was $8.2 million, or 48 cents per diluted share, compared to $2.8 million, or 16 cents, in 2011.
Net sales for 2012 were $370.1 million, a decrease of 12.9% compared to $424.7 million for 2011.
Reported net income for 2012 was $24.3 million, or $1.42 per diluted share, compared to $20.9 million, or $1.24, in 2011.
"Throughout 2012, weak economic conditions and uncertainty in our served end markets negatively impacted the demand for our products, predominately in the European and Asian automotive markets," said Roderick R. Baty, chairman and chief executive officer. He added that reduction in demand accelerated at a much higher rate in the fourth quarter. "We feel this was attributable to overall reductions in inventory levels throughout the supply chain which negatively impacted short-term demand for our products during the last two months of the fourth quarter beyond what would be expected from the end markets served and normal seasonality."
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
