Your location:  Home  >  Bearing News  >  
<<  Back

NN Reports Third Quarter 2003 Results

Resource from:  CBCC Likes:3031
Nov 11,2003
NN Inc. (USA) reported third quarter 2003 financial results, with sales up 36% and profits surging 50% over third quarter 2002. Into fourth quarter, NN said sales and profits should hold at current levels. Sales hit $64.6 million, now including sales from NN Netherlands after the acquisition of SKF's Veenendaal plant, and the sales of NN Euroball ApS after NN acquired full ownership, taking SKF's 23% share. NN also closed NN Arte prior to the third quarter, reducing comparable year-on-year sales. Currency fluctuations, according to NN, contributed $3.2 million during the quarter. Excluding the currency and acquisition effects, NN sales rose 4% from continuing operations. Net income for third quarter was $3.2 million, up from $2.1 million in 2002, again largely due to acquisitions and divestiture. Gross profit margins dipped to 22.2% of sales during the quarter, from 24.9% in 2002. NN attributed the drop to lower margins earned in the Veenendaal business and a generally unfavorable product mix sold this quarter. Meanwhile, SG&A dropped to 8.1% from 8.6%. Rock Baty, Chairman and CEO, said, "During October we announced that we had entered into an asset purchase agreement with KLF-Gulickaren, based in Kysucke Nove Mesto, Slovakia, to acquire their precision ball operations for approximately
()
【CBCC News Statement】
1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.
Previous  Schaffler develops energy-efficient bearings

BRIEF INTRODUCTION

Cnbearing is the No.1 bearing inquiry system and information service in China, dedicated to helping all bearing users and sellers throughout the world.

Cnbearing is supported by China National Bearing Industry Association, whose operation online is charged by China Bearing Unisun Tech. Co., Ltd.

China Bearing Unisun Tech. Co., Ltd owns all the rights. Since 2000, over 3,000 companies have been registered and enjoyed the company' s complete skillful service, which ranking many aspects in bearing industry at home and abroad with the most authority practical devices in China.