Secured New Business
NN, Inc. secured over $180 million of new business, with a sales pipeline now exceeding $850 million and a hit rate of closed opportunities at over 20%.
Strong Free Cash Flow
Generated $9 million of free cash flow in Q3, marking significant improvement in working capital management.
Adjusted Operating Income Growth
Adjusted operating income improved to about $4 million, marking a strong trend versus historical results and a margin of almost 4%.
Improvements in Adjusted EBITDA
Adjusted EBITDA increased by 7.9% year-over-year despite a lower sales base, with a margin up 170 basis points year-over-year.
Successful Segment Growth in Power Solutions
Power solutions segment saw net sales increase to $44.9 million, with adjusted EBITDA margins representing 19.8% of net sales, up approximately 500 basis points year-over-year.
New Business Wins
Secured $34.5 million in new awards in the mobile solutions segment across multiple markets, including high-value auto, medical, and defense.
Supplier of the Year Award
NN was named Supplier of the Year by one of their top 2 customers.