NN, Inc. (NNBR) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $3.39 million, or $ 0.12 a share in the quarter, against a net loss of $25.02 million, or $0.93 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $9.58 million, or $0.35 a share compared with $6.79 million or $0.25 a share, a year ago. Revenue during the quarter grew 9.89 percent to $202.03 million from $183.85 million in the previous year period. Gross margin for the quarter expanded 517 basis points over the previous year period to 24.79 percent. Operating margin for the quarter period stood at positive 5.75 percent as compared to a negative 5.90 percent for the previous year period.
Operating income for the quarter was $11.62 million, compared with an operating loss of $10.85 million in the previous year period.
However, the adjusted operating income for the quarter stood at $21.46 million compared to $19.40 million in the prior year period. At the same time, adjusted operating margin improved 7 basis points in the quarter to 10.62 percent from 10.55 percent in the last year period.
Richard Holder, president and chief executive officer, commented, "Our operating performance in the fourth quarter was in line with our expectation. We achieved organic sales growth in all three of our businesses for the first time in 2016 as weakness in the industrial markets modestly improved during the quarter."
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