Strong EBITDA and Margin Improvement
Adjusted EBITDA increased by 6.5% or $0.8 million compared to the prior year second quarter, with adjusted EBITDA margins expanding by 130 basis points.
Significant New Business Wins
Year-to-date, NN Inc. secured $29 million in new awards in various sectors, with a $380 million new business pipeline indicating strong opportunities ahead.
Operational and Cost Efficiency Improvements
The company achieved a OneTeam approach, reduced staffing by 20%, and closed underperforming facilities, improving the overall cost structure and operational efficiency.
Market Diversification Success
With 39% of sales in automotive and 61% non-automotive, the company is strategically balancing its portfolio.
Positive Developments in China
The China operations are performing well, growing by 6% year-over-year, with strong partnerships and new business wins.