NN, Inc. reported preliminary third quarter figures that missed analysts’ estimates in a press release today.
The company expects net sales for the third quarter to be in the range of $213.5 million to $214.5 million. This is lower than the company’s previous forecast of $217 million to $222 million and below analysts’ estimates of $216.4 million .
The industrial company expects the six-week-long United Auto Workers strike at General Motors and macroeconomic challenges to impact the company’s third quarter and full year financial results.
“The Mobile Solutions group has done a commendable job of flexing their cost structure in reaction to reduced sales caused by the GM strike and difficult market conditions,” said Warren Veltman, interim President and CEO of NN.
The unanticipated strike that concluded last Friday is expected to negatively impact third quarter sales by $1.5 million, according to the company.
Full-year sales forecasts have also been updated and have fallen from previous projections of $860 million to $870 million to $845 million to $852 million.
The company will release full third quarter figures on Nov. 7. Shares of NN were trading at $6.60 on Tuesday, down 11 cents.

