Bearings maker NN sales flat
NN Inc. reported its sales for the fourth quarter were $96.3 million, flat with $96.3 million for the comparable period of 2010.
Decreased revenues of $7.7 million in Europe were offset by increased demand for products at the Precision Metals segment of $6.6 million and increased sales volumes in china and the Metal Bearings segment of $1.0 million.
Net income from normal operations in the fourth quarter of 2011 was $3.5 million, up 14%, or 21 cents per diluted share, compared to $3.1 million, or 18 cents per diluted share, for the same period in 2010.
Net sales for the full year of 2011 were $424.7 million, an increase of $59.3 million or 16% as compared to $365.4 million for the same period of 2010. Approximately $34.9 million of the increase was attributable to increased demand for NN's products, particularly in industrial and automotive end markets as well as new sales programs at Whirlaway, a manufacturer of high-precision metal components including fluid control components and assemblies, shafts and other precision metal parts.
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.
