Acquisitions boost NN Inc. sales by 55%
NN Inc. reported net sales for the second quarter of 2015 increased 55% to $164.9 million, compared to $106.7 million for the second quarter of 2014.
Acquisitions added $64.3 million in revenue. Negative currency impacts reduced reported net sales by $9.3 million versus the second quarter of last year.
Adjusted income from operations for the second quarter of 2015 was $14.3 million, an increase of 51%, compared to $9.5 million for the same period in 2014.
"Excluding the macro-economic challenges in Brazil, our businesses along with our financial results continue to meet our expectations for the year. Our adjusted income from operations continued to improve during the quarter as the remainder of our portfolio continues to grow and hit our operating targets. The acquisitions we've made since 2014 remain on or ahead of our stated integration and synergy targets for 2015," said Richard Holder, president and chief executive officer.
Net sales for the Metal Bearing Components group decreased $3.7 million to $69.3 million during the second quarter of 2015, compared to $73.0 million for second quarter 2014. Income from operations for the quarter was $9.4 million, compared to $8.7 million in the second quarter of 2014.
Net sales for the Autocam Precision Components group were $86.5 million, compared to $25.3 million in the second quarter of 2014, an increase of $61.2 million. Acquisitions accounted for $60.9 million of the increase. Income from operations for the quarter increased $6.8 million to $9.1 million, compared to $2.3 million in the second quarter of 2014.
Net sales for the Plastic and Rubber Components group increased $0.7 million to $9.1 million, compared to $8.4 million for the same period in 2014. Income from operations for the quarter was $0.5 million, compared to $0.4 million in 2014.
INDUSTRIAL SUPPLY MAGAZINE
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