NN Cuts Top End Of FY24 Revenue Outlook; Revises Range From $485M-$510M To $485M-$505M, Est $496.325M
Portfolio Pulse from Benzinga Newsdesk
NN, Inc. (NNBR) has adjusted its FY24 revenue outlook, narrowing the range from $485M-$510M to $485M-$505M, with an estimated midpoint of $496.325M. The company's Senior VP and CFO, Michael Felcher, highlighted the continuation of strong transformation momentum into Q1 2024, supporting the revised guidance. Additionally, NN provided guidance for adjusted EBITDA ($48M-$54M), free cash flow ($10M-$15M), and new business wins ($55M-$70M).

May 06, 2024 | 9:17 pm
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NN, Inc. has updated its FY24 revenue outlook to a narrower range, indicating a slight reduction in the top end but maintaining strong growth prospects.
The adjustment in NN, Inc.'s revenue outlook reflects a cautious but positive outlook, balancing the slight reduction at the top end with ongoing operational improvements and new business wins. This revision suggests a solid operational stance but introduces a conservative note to the revenue expectations, which could lead to a neutral short-term impact on the stock price as investors digest both the positive momentum and the adjusted expectations.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 90