NN, Inc. (NASDAQ:NNBR) shares surged 15.9% to $1.82 in the pre-market session, after the North Carolina-based precision manufacturer said preliminary first-quarter net sales are expected to “demonstrate growth versus the prior year and the company’s forecast,” while also raising its full-year new business guidance.
New Business Guidance Raised
NN secured about $43 million in new awards at peak annual sales during the first quarter, focused on the electric grid and data center markets, which are the company’s second-largest end markets.
The company launched over 60 new programs in the first quarter, leading to a shippable backlog as orders exceeded production during the period.
CEO Harold Bevis said, “NN’s sales are growing as expected and trending towards the high end of our previously guided range.”
Bevis added the growth is being …