NN (NNBR) CEO Richard Holder on Q4 2014 Earnings Results - Earnings Call Transcript
Resource from: NN, Inc. Likes:152
Mar 11,2015
Operator
Welcome to the NN, Incorporated fourth quarter and full year 2014 conference call. During today’s presentation all parties will be in a listen-only mode. Following the presentation the conference will be opened for questions. [Operator Instructions] This conference is being recorded today, March 10, 2015. I would now like to turn the conference over to Mr. Robbie Atkinson.
Robbie Atkinson - Treasurer & Investor Relations Manager
I’m Robbie Atkinson, Corporate Treasurer and Investor Relations Manager and on behalf of our entire team I’d like to welcome you to NN’s fourth quarter and full year 2014 conference call. Our presenters this morning are President and Chief Executive Officer Richard Holder and Senior Vice President and Chief Financial Officer James Dorton. Also here are Will Kelly, Vice President and Chief Compliance Officer and Tom Burwell, Vice President and Chief Accounting Officer.
If anyone needs a copy of the press release please call the financial relations board at 212-827-3746 and they’ll be happy to send you a copy. Before we begin I’d ask that you take note of the cautionary language regarding forward-looking statements contained in today’s press release and in the risk factor’s section of the company’s 10K for the year ended December 31, 2014. This same language applies to the comments made on today’s conference call including the Q&A session as well as the live webcast available at www.Earnings.com.
Our presentation today will contain forward-looking statements regarding sales, margins, foreign exchange rates, cash flow, tax, acquisition synergies, future operating results, performance of our worldwide markets, and other topics. These statements should be used with caution and are subject to various risks and uncertainties, many of which are outside of the company’s control. This presentation also includes certain non-GAAP measures as defined by SEC rules. A reconciliation of such non-GAAP op measures is contained in the tables in the final section of the press release.
First, we’ll give an update and overview of the quarter and the year and then afterwards we’ll open up the line for questions. With that said, Rich I’ll turn the call over to you.
Richard D. Holder - President, Chief Executive Officer & Director
I think we can all agree that 2014 was a transformative year for NN. We’ve emerged a new and revitalized company with a larger more diverse portfolio which we certainly hope will open new end markets and opportunities for growth into the future. In 2014 we closed four acquisitions and added a second industry leading business to our portfolio with the Autocam Precision Components Group.
Throughout 2014 we improved operating performance in our businesses despite headwinds from the weak European demand and the strengthening US dollar. This trend continued into the fourth quarter. Operating performance improved in our legacy business while at the same time our integration efforts at our four acquisitions are ahead of schedule. The integration of Autocam Corporation, by far the largest acquisition in our history is ahead of all of our key performance metrics.
As a result of these activities we’ve posted record sales, adjusted income from operations, and adjusted net income for 2014. During Q4 2014 we witnessed the first full quarter of sales and operations from the four acquired businesses. As a result, fourth quarter net sales rose to $153.8 million up 71% from the same period in 2013. This included approximately $65.9 million in net sales from the four acquired businesses. The impact of foreign exchange translation during the quarter was about $2 million in sales and resulted in an after tax impact of $200,000 or $0.01 per diluted share.
(NN, Inc.)
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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.
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