JOHNSON CITY, Tenn., Feb 25 (Reuters) - NN Inc. , which makes bearing components like steel balls and rollers, on Tuesday swung to a quarterly profit from a year-ago loss, helped by a gain and higher demand from the automotive industry.
The Johnson City, Tennessee, company said net income for the fourth quarter was $7.3 million, or 46 cents a share, compared with net loss of $1 million, or 7 cents a share, a year earlier.
Fourth-quarter net income of 2002 included a gain of 38 cents a share from the purchase of INA/FAG's 23 percent interest in NN Euroball, a joint venture. Excluding items, net income would have been 14 cents a share.
Net sales rose 23 percent to $49.1 million from $40 million in the year-ago period.
Looking forward, NN said it expects to earn between 16 cents to 18 cents a share for the first quarter.
The company also raised its 2003 earnings per share forecast to between 68 cents to 71 cents, from 62 cents to 65 cents announced previously, citing earnings contributed by increased stake in NN Euroball. For fiscal 2002, NN earned 87 cents a share.
NN's shares were down 16 cents, or 1.9 percent, at $8.25 on the Nasdaq in afternoon trading. The company's stock has declined 17.5 percent in the past two months.