Industrial bearings maker NN Inc. reported its 2015 fourth quarter and full year financial results on Thursday, highlighted by acquisitions significantly boosting total sales, but considerable drop in profit.
Johnson City, TN-based NN Inc. posted Q4 sales of $183.9 million, a 20 percent increase over the same period a year earlier. Acquisitions were responsible for $42.2 million of sales, while currency headwinds hurt net sales by $11.7 million compared to Q4 2014.
The company took a net loss of $27.2 million in Q4, compared to a profit of $1.6 million a year earlier.
Q4 sales for NN Inc's Autocam Precision Components segment were down 7.0 percent year-over-year, sales for the Precision Bearings sgement decreased 8.8 percent, while sales in the Precision Engineered Products segment increased 18.6 percent.
For the full year 2015, NN Inc. sales of $667.3 million increased 36.7 percent from 2014, with acquisitions responsible for $212.5 million. Currency headwinds negatively impacted sales by $39.1 million compared to 2014.
